As it is, this lunacy could still fail on Sunday night..and that would probably break the recent low of 1266. That's too risky a gap down for me to be involved with.
Sp' daily, rainbow (Elder impulse)
IWM, bearish outlook
Sp, bearish, 4mth
Summary
The first 'rainbow' chart (as I like to call them) shows a VERY clear inverse H/S formation on the Sp. A simple projection upwards would be to around 1380/90. That is certainly higher than my primary target of 1350/60..and anyone planning to re-short later next week will need to be careful they don't get short too early.
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Despite today's lunacy, nothing has changed in the bigger picture...primary outlook is that we are in wave'2, and wave'3 will bring a move to around sp'1150/00 by late July.
A little more later...(probably on Oil, which is going to be a key indicator of what I believe is a deflationary collapse wave).