Pre-Market Brief - wave'B to complete today

Good morning. Futures are showing dow -50pts, with sp-5 or so. Nothing too dramatic, although I'd expect those losses to double at some point this morning. There is only minor econ-data today, intl. trade at 8.30am, and Wholesale Trade at 10am.


Sp'60min

sp'daily 4mth view

Summary

We have a clear bear flag (pink) on all indexes, with a lower target equivalent to sp'1305/1300 sometime today.

So, the idea is that wave'B will complete - having taken two days, with wave'A lasting 3 days.

Wave'C would be expected to last at least 2 days, maybe 3 or 4. That would suggest...this wave'2 will complete no later than Thursday afternoon. Importantly, that means BEFORE the Greek elections and the next big Fed meeting! The timing for a destructive wave'3 down - if I am right, would be perfect.

The plan today is to go long around sp'1305/1300, and hold until sp'1335/40, with an exit no later than early Wednesday. Then a full re-short around 1350/60 by late Thursday.

More across the day. Good wishes for Friday trading !