sp'weekly7
Summary
The above is the scenario I will now be running with.
The bulls have tried VERY hard in the past few weeks, but weekly charts are tired..and are now ALL very bearish.
*I will look to launch a full re-short, later today..on the next bounce.
I'll be using the 15/60min cycles for an entry.
What does seem clear...with trend support broken...going long is now OUT of the question.
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All that's missing is a break in the VIX into the 20s.
sp'15min
A retrace as high as the low 1630s ?
9.59am.. econ-data due....looking for a big bounce here!
10.01am...data comes in relatively good...we should start to ramp from here for a few hours.
..but I am NOT going long, since 1620 support is broken..along with the 50 day MA.
10.13am..market tested the 1608 floor...and FAILED.. ugly open!
..and thats WHY I won't be taking any long positions now.
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Still seeking a bounce..and will launch a short later today.
UPDATE hourly chart...
It would seem those looking for a giant ABC wave lower - from 1687 were correct.
This was sub'1 of C.
Seeking a short on the wave'2 bounce.
C target IS 1480s
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10.19am.. sp'1603...VIX still not in the 20s though.. hmm
10.23am Primary bounce target....1623/25 area...possibly 1630.
That should make for a rather good short-level. I suppose it might take until late Friday, but lets just see what the market does.
10.32am..market tried to bounce...still failing...sp'1602....last line is 1598.
10.39am...looks like VIX 20s (whether today or tomorrow...not important) will be hit..and that is yet another clear warning of trouble for the days ahead.