Just a quick look at the 15 and 60min cycles
sp'15min
sp'60min
Hmm, I am still very suspicious that we'll still get down to 1370/65 within the next day or two.
Bulls MUST break the 10MA, currently 1384 - likely to be as low as 1378 by end of day -if current market level holds flat.
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I am not expecting much today, probably just sideways. The problem for the bulls is that sideways would just make for a very wide bear flag.
*We do have Alcoa earnings at the close, that will help motivate trade..one way or the other..into tomorrow.
More later!
UPDATE
10.24am
Bear flag confirmed on the hourly chart.
If the count is correct, then we'll floor today before a proper multi-day cycle upward. Anything under 1365/60..and the larger doomer counts come back into play.