3pm update - minute wave'2 complete?

Whilst the PIIGS battle it out on the green grass, the market looks like its quite possibly maxed out for this 'minute wave'2 of minor 3..of main wave'1 (if that makes sense!)


sp'60min, chart'1

sp'60min, H/S formation

VIX, 60min

Summary

Most bears should arguably not have been stopped out yet, only a close over 1335 would be a threat to the overall outlook, and 1340 would be for those with greater loss-tolerance.

The VIX is especially looking good from the bearish perspective.

The bears would much prefer a close under the hourly 10MA of sp'1326.

More after the close