10am update - its a bit of a mess out there

SP' breaks the big 1340 level - confirming the larger daily H/S formation, and also breaking the low from early March. The VIX is testing the recent 21.50 high, a move to 24 is very viable - which would suggest sp'1325/10 within the next day or so.


Sp'daily - bearish

SP'60min - revised, count'2

I am really not happy with this count - yet it was predicted by a number of chartists this past weekend, and this morning appears to have confirmed their outlook. This would make us in micro-wave'3...then a 4, and a 5' - probably within a day or two, and then UP UP UP - that's what some are saying, 'new highs of 1450/60' by mid/late June. Provoking huh?
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*the vix is putting in black candles on the smaller cycles, suggesting a floor within the next hour at this sp'1340 zone.

I am considering taking a day-trade long, even though it sickens my stomach. Urghh. What is clear, there is no point taking new shorts at these levels.
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More later