The key level is $E-mini S&P 500 - main 2606(ESmain)$ 6733 / $S&P 500(.SPX)$ 6700. Here's why. In EW 2.0, it's all about proportions. The W2 (or B-wave) correction in this rally pulled back 2.25%. The rule: in a valid 5-wave trend, W4 must be equal to or smaller than W2 in PERCENT and/or TIME. Any decline greater than 2.25% breaks the proportion — and with it, the bullish count. That level also sits on the midpoint of the massive FVG. Support STACKED on support. Hold above it, this is a bullish W4 → W5 continuation. Break below... this wasn't a rally. It's the beginning of something much lower. Sixty-seven-three-three.