Monday, 22 April 2013

11am update - B wave...probably

A somewhat choppy start to the week, but it does seem likely that we're just seeing a small B wave play out - as part of a wave'2 ABC bounce. Best guess remains that it will complete by late Tuesday. Very obvious short-stop levels are the low 1570s or 1597.



Hard to know if this B' wave is already done. Might be.

What I don't expect is a any consistant downside, certainly not taking out the recent 1536 low.

Seeking upside into late tomorrow...sp'1570s, with VIX 14s.

I still like Oil as a short for overnight Tuesday...

USO 60min

Seeking the low 32s late tomorrow.