US equities remain broadly weak, with price structure offering a bear flag. The early low of sp'1986 makes no more sense as a key floor than 1989 did, and the 1960/50s look a relatively easy target. Gold is holding a fear bid gain of $12. Oil remains in implosion mode, -4.2% in the $34s.
The current price action is offering a possible ABC wave count... with a C UP into the 1.30/2.00pm time frame.
... I'll look for a short somewhere in the 2005/2007 zone. That seems very reasonable, if you assume there will be downside of at least 40pts to the 2065/60 zone.
Are we setting up for something a little more dramatic though, like a giant gap lower next Monday morning, for short term capitulation?
yours... kinda with itchy trigger finger.
*updates.. if/when I hit buttons
1.26pm.. Widened bear flag a bit....
From a pure MACD cyclical perspective, this is a lousy place to be shorting from. I WAIT.