Wednesday, 30 May 2012

12pm update - bear flags soon to be confirmed

For the bulls, today is probably starting to get really annoying. I'd suggest anyone who is bullish take a look at the daily chart for any of the indexes. An added extra would be if they took a peek at the monthly cycle.

IWM, daily, bearish outlook

SP' daily, bearish, count'3

VIX, daily, bullish


*the count on all of the above charts is not something I am very happy about...but the target zones (yellow boxes) I still hold to.
I believe the bear flags on the daily index cycles are going to be confirmed..with the Transports almost having done that already.

Look for major VIX upside all the way into Friday, target range is around 27/29. A brief spike into the low 30s is viable if we break sp'1260 - but that would seem unlikely until next week, if at all.

Time for lunch!