With the VIX soaring +26%, this is a very clear indication that the up trend of wave'2 is surely over. Yes, there will be significant bounces along the way, but this sure is starting to smell like the very first move of a wave'3.
sp'60min
sp'daily5
VIX, daily
Summary
I think the hourly chart is pretty clear, I don't expect a move under 1335 this morning, a bounce back to the hourly 10MA is very likely, but the end of today that will be around 1350 or so.
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*I exited just after the open, am VERY pleased with my exit..and will merely look for a re-short later in the day at the top of the next 15min cycle..whenever that might come.
A great start to the trading week
UPDATE 10.20am
sp'15min
A bounce to the 1350s seems very viable by around 2pm or so.
I'll likely re-short around there.
Target for end week is around 1310/00