IWM weekly..
IWM remains really still stuck under the important 86 level. In the next wave up..it will be paramount for IWM to catch a real surge and decisively break through this level. A break over 86..should open up 90/92 (at least). The Fib' level suggest...105 - which right now of course, seems impossibly out of reach.
Near term, IWM really should not break under the 81 level. 82 might be as low as we go - today's closing hour rebound may support that idea.
What is clear, a break under 80, opens up 76..and a whole lot of trouble for the still upward trend in the monthly cycle.
SP' weekly
SP'500...still a straight up move. Even a move to the 10MA at 1370 would really not do any real damage to the ultimate bullish target of 1550.
Dow, weekly
The lower channel line is probably drawn a bit tight. It should probably include the 13,000 level. So, I'd say only a move under 13k tomorrow or Thursday would be a problem for the bullish case.
Summary
Today was interesting to watch, but still..its all minor moves. There really haven't been any major down days occurring yet. I'm guessing - especially if you look at the IWM chart, its all just a giant inverse H/S formation, and we'll explode upward starting next Monday. If that's the case of course, then the bears who are getting mildly hysterical will be furious, dismayed..and again, see their positions wiped away.
I intend to go long no later than the Thursday close. Its certainly not a risk-free trade, across a 3 day Easter-bunny weekend, but if the 60min cycle is really low...I'll play it Long. Until the bigger cycles turn lower, the default trade (at the base of every 60min cycle) remains Long.
More later...perhaps.