1pm Update - Daily cycle, bear flag ;)

Whilst the smaller 15 and 60 minute cycles will do their own thing this afternoon, lets keep things in perspective, with a look at the daily cycle. We have a very clear bear flag on the daily cycle.


Sp, daily - bullish outlook

Now, this is a bullish scenario chart, but I've stuck on a simple near term bearish count, which I believe will be useful to keep in mind in the coming days.

1340 remains the prime target...but 1300 is certainly feasible - when you consider the weekly and monthly cycles...and those European indexes!

More later.. !