2pm update - back inside the washing machine

It is a market that is putting most traders through the spin cycle @ 1600rpm. Stepping back from the washing machine of decay and despair, the underlying weakness is still there, seen on both the weekly and monthly index charts. VIX may have floored in the mid 16s..in a sub-wave'2 pull back.


trans'60min

vix'60min

sp'weekly2, rainbow

Summary

It feels like a mine field today, and I'm still annoyed I didn't get stopped out @ 11am.

I still hold to the original sp'1385 target, although as we've seen, getting there, sure ain't a straight line down.

So, the question to be faced by the chartists at the end of today 'did we just see a sub-wave'2 ?'.
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with two hours to go, lets see if the gains..once again vaporise.

UPDATE 2.30pm An updated sp' chart, but...until we're back <1400, I won't be confident of it.

Clearly though, anyone who wants to short, a simple short-stop @ sp'1416, or equivilent.
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