sp'60min'4 - retracement
Summary
A possible down channel is taking shape..and it would suggest that we'll only get down to 1440 by the end of this week.
I only have low confidence though in the channel...it won't take much to increase the rate of descent.
Many better than me are still touting sp'1425...before the next big lurch higher.
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Market awaits Alcoa earnings at the close.
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UPDATE 1.30pm,... a micro rally, I think we get stuck around 1458/59 across the next hour.
Its getting real tempting for a re-short, not least since the daily charts ARE rolling lower