Friday, 27 April 2012

2pm - another hour of pain

Well, there go the 1405 short-stops. Reflecting back to Monday, this week has been a complete disaster for the bears. All that initial excitement Monday morning, a complete reversal...and its still going.

Sp'60min - count'2


*the SP' count'2 is based on a few variations posted over a week ago. There were a few people this past Monday who had suggested it was merely the B' wave low..and that a strong C' wave up was due to break above 1400. I can only imagine how pleased they are this Friday afternoon. 

For the rest though, is it essentially total failure this week, and it now looks like a close above the big SP'1400 level is assured. Baring a truly severe turn around on Monday, both the weekly and monthly cycles are now back within their October'2011 up trend/channels, and April will close out still bullish.

A rough day...a rough week. I'm glad there are just two hours left.