sp'60min
vix'60min
Summary
A good open for the bears, and no doubt we'll see an intra-day bounce at some point.
However, if the count is right, this is a wave'3, it should be much stronger than wave'1 (24pts), and last at least all of today.
So..bears should be okay to hold until the Friday close, and we'll see where we are in late afternoon.
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I am holding short, seeking an exit late today, although I'll be tempted to get out if we can break into the 1525/20 area.
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RE: VIX, black candle.
Normally I would be VERY concerned at an opening black candle, but considering 'everything else' out there, I am not.
Bears need to give this market until the late afternoon, and see how far we can fall. Its a wave'3 after all, ...patience!
Best 'reasonable' bear case is arguably sp'1525 where the lower Keltner on the daily chart is.
I would be VERY surprised if we break <1520 today.