3pm update - bouncing into the close?

The market has recovered almost all the gains lost in the morning. It remains likely a wave'4 bounce. Where this latest bounce ends, is impossible to say, it could even continue across much of Wednesday. Regardless of the current bounce, a cycle low of 1480/75 remains the primary level to go long.


sp'60min

SLV, daily

Summary

It remains choppy..which is often the case for this mess wave'4s. In many ways they are 'best left alone'.

With the Bernanke speaking again tomorrow, and more key econ-data, it should offer a real chance of one final wash-out wave.
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Metals remain reasonably strong..but they are STILL within broad down trends, that stretch back all the way to the QE3 mid-Sept' highs.