Closing Brief

A weak close as expected. The closing hour action has likely confirmed the A' wave peak..and thus B' wave is underway. The B' target is a mere few points lower 1354/52. It should not go below 1350, or too many issues then start to come into play.


Sp'60min - count'1

Dow'60min

IWM'60min

Vix'60min

Summary

Not too much to say really. It looks like we're still in a giant wave'3 - and we're currently in minor'2 of that wave, which itself is comprised of a likely ABC style of move.The 'fun' -at least from a doomsters point of view, is likely not going to occur until after opex. I'd still guess we peak around 1380 early next week, but it will take maybe 3-5 days to break below 1340...and then the big dow -300/400 pt falls will occur.

As for tomorrow, I guess we will likely form the B wave' low - around sp'1352/54. I suppose we could rally near the Friday close, but considering this weeks market mood, we'll probably close only marginally higher,  around 1356/58.

More on the daily cycles and other things..later this evening.