2pm update - wave 4 bounce

Mr Market is battling higher after a pretty choppy morning. The gains are still only moderate. It doesn't look like a bigger cycle low is in yet, and I'm still seeking a further wave lower to sp'1480/75 within the next few days. VIX is getting hammered almost 10% lower.


sp'daily5

vix'daily3

Summary

Even the daily charts offer a candle which is arguably showing what is a tiny wave'4 bounce. I'd guess it'll last at least into tomorrow...and if that's the case, then the final wave lower might take until early Thursday..even Friday to complete.

What does seem clear in the broader picture...this is a wave'4 decline, if you count the starting point as the November low of sp'1343.

more on that later.
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*I'm sitting back..I've my eyes on the SPY calls...will look to go long @ 1480/75...gods help me.
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see a nice post, with a chart that I am largely in agreement with @ deflationland

I think a major down wave likely in May...not sure whether 1400s..or 1350s.

First things first though..lets see this cycle floor, and then see how high the next wave takes us.