So, the 'clear 5 waves down' was indeed correct. Now we're getting the up move.
The question is....
Is the bounce a minor wave'2 up (with the 5 waves being a '1')..to be followed by a more severe wave'3...
or....
Is the bounce the first wave of a new major wave higher - which would take us to new highs in late April/May.
My 'best guess' right now would be that we WILL see new highs. The reason is that the style and level of the top doesn't make much sense to me. I could easily be wrong, and we'll soon find out, within the next 3-7 trading days.
Sp'60min
First target would be around 1385/90. A move above 1400 by the Friday close would be a real stretch right now.
VIX'60min
Special note on TVIX
TVIX, daily
They had an opportunity to exit, and rather than exit, I can only imagine just how many were adding to their TVIX positions yesterday. A FAILED ETN, and best left alone!
More later...