Another bearish week, more to come?

Primary target of sp'1345 was successfully hit, and now the big question is how big a bounce do we get in the days ahead. Some bull maniacs are still calling for sp'1500s by year end, whilst some of the doomers (myself included) are still open to sp'1200s by mid December.


sp'weekly2, rainbow

sp'monthly3, rainbow

Summary

Just a short post to wrap up the week.

We have seen my primary target of sp'1345 hit, and this has been especially pleasing to see.

A bounce 'of some level' is now expected. The big question is how high will we go? The hourly charts suggest we'll max out early Monday, with a fifth wave lower prior to thanksgiving, perhaps into the sp'1330s.

However, the original outlook called for a bounce from sp'1345 to sp'1400/25.

We'll likely know which of the two scenarios it will be, depending on the style in which we open next Monday morning.


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Have a good weekend..and goodnight from London