sp'weekly2
sp'daily5f
WTIC Oil, daily
sp'monthly, 6yr
Summary
There was so much to highlight today, but I think the above charts summarise the important aspects. We have seen our second key warning on the sp'daily chart (although other indexes have all 3 now),
WTIC Oil saw all of the Mon-Tuesday gains reversed, and we're now set to at least hit $82/80 tomorrow/Friday. That should especially add to weakness in the energy stocks.
The big monthly index charts suggest if we do get a multi-month decline, the obvious target is sp'1200/1175. That could count as a wave'1 down - assuming 1474 was the top. Yet, first things first...we need to see if the weekly cycle target of 1345 can be attained.
A good day
Today was a good trading day, and it sure makes up for what has been a very frustrating time since the QE announcement in mid September. If we can somehow drop to 1345 in the next few days, that will more than make up for what has been a pretty difficult year.
I have further wave/count index outlooks, and I will post them up, once we hit my 1345 target.
Goodnight from what remains....a bearish London city ;)