I'll probably discuss the following some more later this evening..
Sp'weekly, count'1 idea
If this count is correct, then the wave'5 up should react to some extent the same as the wave'3 up did - a bullish engulfing candle to close this week above sp'1352. Right now, that is a clear 41 points still higher, on top of the current +16. That would be one scary candle for the bears, and it would set up a disturbing few weeks higher.
*Its possible we could get a truncated fifth wave though, maybe putting in a slightly lower higher, sub 1422. The monthly chart would especially suggest this is a likely outcome.
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Meanwhile...back in the main market....
IWM'60min
The Rus'2000 index is really powering higher today - along with the Transports. We're putting in a bit of a spike right now, but that's due to the 15min cycle which is maxed out.
Both the R2k and the Tranny are key leaders in this market, and are suggesting today is indeed a turn day..and the start of a major move higher. Whether we get stuck at sp'1340, 1380...or keep going...we'll just have to see.
Regardless, its clear right now....only those bears with short-stops at the top of the down channel should still be still holding short The rest of them...should have bailed at the open.