From our good friend, Corey over at Afraid to Trade:
Taking a close look at the intraday price action of the S&P 500, I think something very interesting is happening.

Let‘s take a close look at the recent price action and see if we can glean any insights from the Elliott Wave principle not so much in pure wave counts but in the broader distinction between a “Corrective Wave” and an “Impulse Wave.”

S&P 500 5-min chart:

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