A strong open gave way to declines once the Bernanke started speaking, then a secondary wave higher..and yet we still closed around the lows of the day. From a chart perspective though, its merely a bull flag that is forming.
I am looking for a move lower to around 1305/1300 tomorrow morning, levelling out, and then everything will be set for 1350/60 later next week. A simple ABC wave'2 up
Sp'60min Fib levels
Pretty clear bull flags on most of the indexes. There is nothing bearish whilst the daily chart is still showing a powerful upwards move.
Its really bizarre how almost paniced the clowns are on two main networks. One hour of declines and they are almost visibly freaking out at the thought of a red close!
If things look fine tomorrow, I might even go Long for a 2-3 day hold from 1300 to 1340s...if I can stomach it, urghh.