11am update - a choppy few days?

Mr Market is trying to put in a floor at 1398 - which is also the level from Dec'5. It looks like we have a reasonable chance of bouncing across the Tuesday holiday, perhaps even into Thursday. A fierce wave into the sp'1200s looks likely to begin within 3-4 trading days.


sp'60min

Summary

I've added a count to the hourly chart, and I think it might be a good one.

Upside to 1415/20 seems very possible, especially if this is a (black) wave'2 bounce.


So...as things are...I'm sitting back..and trying to be patient - which remains a difficult task.
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If we somehow snap higher on pure nonsense late today, 1416 or higher, I'll be sorely tempted to do that re-short.

On any outlook though, this market has got major problems ahead.

Bears shorting across the next 2-3 weeks should in theory see spectacular gains.