The second range was 1175 points and this seems to be as much as the market can manage before a correction as the subsequent rallies fell short.So we can use this as a marker to rate the strength of the market or as a stop level if going short.
Personally I would not be aggressive here and would wait for a reversal,which is always safer in any case.Plus if this is a final range it may want to spike.I also put in the 8.33% (1/12) level off the low
here is a 3 line break chart. RSI is not confirming this latest rally
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