1pm update - new up cycle due

With the failure of the bears to break below sp'1640, a new 6-10 day up cycle looks due to begin next week. First target is the Bernanke 'reversal day' high of 1687. A 1.6x fib target offers 1719 by mid June. Meanwhile..Oil is recovering quite strongly from its earlier low.


sp'daily5

Summary

*I've added a new channel (blue dash), it might get broken on Monday, but anyway, I just don't see the bears breaking <1640 now.

Bears had their chance...and failed.
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Its been a pretty good week in the bunker, and I will hold Long RIG, across the weekend.
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more later.