The smaller 15/60min cycles are highly suggestive of weakness into the close. Further, if sub'4 wave is complete, then sub'5 should at least take out the recent low of sp'1552. A break into the 1540s seems viable early Wednesday. VIX closing in the low 15s looks viable.
Lets see what the bears got in them, after what has been a pretty bullish day.
There ARE plenty of signs of weakness out there, not least of them the metals - slipping from earlier highs, the miners, and Oil.
*I will hold short overnight..seeking an exit in the sp'1545/40s, with VIX 15.75 / 16.25
UPDATE 3.33.pm ...bulls trying to ramp this into the close...urghh
Any price in the 1574s would ruin the ABC idea, and then the last hope is a 1-5 count, - which would suggest this is actually a 2 wave.
3.42pm...sp' new high of day, and we're now in serious danger zone for bears. Anything over 1580, and it messes up the near term bearish outlook.
back at the close.