Market looks maxed out around sp'1646. There still looks like a very viable 2-3 hours of moderate downside, with the indexes a touch red by early afternoon. Lets see if we can put in that marginally higher low by the end of today.
As I type, market seeing a minor snap lower, and there is little reason why we can't be trading in the low 1630s by early afternoon - and that will make for a reasonable long entry.
*I am entirely on the sidelines, having dropped RIG earlier for a slight gain.
Seeking to re-long RIG, and the indexes., probably around 2pm.
I like USO as a long..later
hourly cycle STILL ticking lower...no need to hurry on this one.
UPDATE 11.03pm..still falling. How about fib area 1632/31 by 2pm ?
Then claw to flat into the close?
11.37am..nano-up cycle, but still overly weak....the low sp'1630s...look due by about 1.30pm