2pm update - eyes on the prize

For around a month, the target for a wave'2 bounce was 1400/25, and we're now very close to hitting that secondary target - having hit the first of 1345. If we do manage to max out tomorrow, then what comes next is going to really rattle a lot of people.


sp'60min

sp'daily5

Summary

After this mornings early declines, the original outlook remains on track.

Best guess, we max out this wave'2 bounce tomorrow, somewhere around 1420/25. I'm NOT going to get too bothered whether its a few pts above or below.

What is clear is that the hourly cycle is still offering a further 4-6 trading hours to the upside..and that will easily take us into tomorrow lunchtime...where I'll be seeking a SEVERE reversal to the downside.

As ever though, I'm trying to keep an open mind...but with eyes always on the prize.

back at 3pm