Good morning, and welcome to what should be a week that confirms we are in a multi-week downtrend. Indexes open a touch weak, VIX is a touch higher. VIX looks set to close at least somewhat higher. Metals are weak...Oil is holding together..so far.
re: 60min count. Yes, I realise the 4 waves overlap, but I'm really not sure what to make of the micro-action right now.
Until we're below 1538, bears have a problem, but I'm very confident we can do it...quite possibly today.
VIX hourly chart offers some significant upside by the close.
*The Death of Thatcher is something of a big deal for those in the UK today.
She was arguably the one real capitalistic leader the UK saw in the post war period. Liked by many...hated by many...she will be remembered for a very long time. More on that later, maybe.
..updates across the day.
10.20am...market looks weak...a test of the 1540/38 area looks viable.
Biggest tell right now is the VIX, which looks like it has a lot of potential for upside into the 16/17s.