Trans'60min
VIX'60min
Summary
The tranny on the hourly looks like its floored - although it appeared that way at the open. We should have a very clear up wave develop across the next 1-2 trading days.
I remain sitting back..taking a break, and waiting for a significant bounce before re-boarding the bear train.
In theory, there should be a good short-trade (wave'5) from around sp'1365/70 to around sp'1345/35, with the floor no later than early next Wednesday.
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I have very high confidence much lower levels are coming on a multi-month basis, but it will be difficult in the near term to discern the smaller trends. As they say..'if in doubt...get out!'
UPDATE 2.15pm
For those seeking one final move lower in the indexes..there is a chance of that.
The VIX appears to have completed a tiny 4' wave down..with a 5' left.
So, there is still a chance we'll sell lower (yet again) into the close, target would be sp'1345/40.
Regardless of that, I won't be chasing it, and remain content to watch these micro-moves play out.