Daily Index Cycle - interesting times

An interesting day to watch, not least with the Bernanke talking for much of the morning. It was most amusing to see the cheerleaders on both clown channels start to get twitchy with a mere single down candle on the hourly charts in the closing hour. Can't they even cope with the idea of ANY moves lower now?


IWM, bearish outlook

Sp' bearish outlook, 4month view

Transports

Summary

I think things are looking pretty good from a chart perspective. We're seeing a nice wave'2 higher after what is now an increasingly clear 5 waves lower forming main wave'1. So, the issue is how high and how long does it take for this new cycle to max out?

Considering the wider events in the coming weeks, I'm still inclined to look for a fast and furious wave'2 - to complete by the end of next week in the sp'1350/60 zone.

If I'm right..and then wave'3 starts after the weekend of the Greek elections, the tail end of June and early July is going to be one amazing time to be trading this crazy market.

A little more later....