Friday 1 June 2012

3pm update - time to wrap up another week

Well, the market has fallen lower than just about anyone suggested today. The break below sp'1284 - the 200 day MA, arguably suggest further downside next week.

There are two main count ideas out there, the first is that this is the conclusion of main wave'1..and now we 'somehow' rally for a few weeks, before a major wave'3 lower in mid June. The other idea is that we'll just keep falling to the low 1200s. From a chart perspective, the latter theory seems more likely - although I'm still looking for some kind of bounce.


Sp'60min



Vix'60min



Summary






I can't be short here, and the 60min cycle is too low to re-short, so I'm going to sit it out across the weekend.

More after the close*

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*there are SO many bearish sell signals triggering today across the monthly charts, I really not sure what to cover in this weekends posts!