Friday 24 May 2013

1pm update - C wave into the close

The market should broadly rally into the close, the low sp'1660s now look viable. That should make for wave'2 complete, with a decline Tue/early Wednesday. Hourly charts will likely be maxed out within the next 4-6 trading hours.


sp'60min


Summary

*updated hourly chart. The big issue I have is what happens late next week? We have two major POMO days to end the month, so I have to assume we go up, probably 1660/70s - after 1630/20s Tue/Wed.

I remain open to a re-short into the close, if the price..is right.

UPDATE 1.22pm..sp'1647s ...target remains 1660/62...