3pm update - last hour of a busy week

The bears have been in control for almost the entirety of this week, and though we look set to ramp into the close, bears should be pleased. The VIX remains weak though, and is -4% right now.


sp'60min

Summary

Its possible we've just seen the B' wave lower on the hourly charts. Tricky to guess though. We'll have more clarity by the close, and when we open on Monday.
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I've updated the hourly sp' chart, and it reflects the anticipated ABC move, seen even more clearly on the transports chart.

I've widened the upper channel a little, and I think there is a chance we open Monday 1365/70..maybe even briefly 1375. Anything over 1375, and the count will be probably have to be thrown out.
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I think there is a pretty good chance for a minute (but important) wave 5' lower next week from 1365/75, down to the 1330s..before a 4-6 day slow crawl higher, after thanksgiving.


3.17pm. Its looking pretty good, in that a B' wave looks like its done.

So, that leaves just a C' wave to go, and I'm guessing that will take us into early Monday morning.

I will likely be hitting some bearish buttons then 10/11am Monday :)