$SPX experienced its largest decline from the recent high

TRIGGER TRADES
11-13

$.SPX(.SPX)$ experienced its largest decline from the recent high after tracing out a 5-wave structure, ideally completing Wave C.

With CPI data releasing tomorrow, this could act as the catalyst to drive prices further down.

If we break below 5856, it would strongly suggest that Wave C is complete, marking the final [W5] of Wave 5.

However, a break above 6017 would mean SPX must form another 5-wave structure upwards, with 6080 as a likely target.

$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2412(ESmain)$ $NASDAQ 100(NDX)$ $E-mini Nasdaq 100 - main 2412(NQmain)$ $Invesco QQQ(QQQ)$

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We were expecting price to sweep the overnight highs then trade down to the Daily FVG at ES 5990 🎯

ES did exactly that declining 40 points from the opening highs ✅

Trade Set Ups🟢🟡🔴

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No Rate Cut in Dec.? Market Ready for a Pullback?
U.S. stocks closed lower on Thursday after Federal Reserve Chairman Jerome Powell stated there is no need to rush rate cuts, hinting that a rate cut in December is unlikely. Initial jobless claims in the U.S. fell to their lowest level since May last week. Producer prices accelerated in October, indicating an upside risk to the Fed’s preferred inflation gauge. ---------- How do you expect the rate cut? Will rate cut estimates cause a big decline?
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