The small 15min cycle is arguably floored, and it merely makes for a very clean baby bull flag. As is often the case in such situations, do not be surprised if the closing hour candle is a rather large spike to the upside. Bulls should be very pleased with the recovery from sp'1598
A minor down cycle to shake out the weak bulls, and now we look set for a rally into the close.
No doubt, some will still believe this is just a 'minor bounce' after the 1598 floor, but I'm guessing..no. This looks like the early stages of another significant up wave, although its still very possible we'll put in a lower high < 1687.
Regardless, I will hold LONG indexes, into next week.
I'm pretty confident the sp'1650/60s will be hit by middle of next week. That will make for a far better exit.
Fib chart, suggestive, next target is 1652 for Monday
I'll glad exit early Monday in the low 1650s
Best case upside for the close 1645/47. I suppose 1652 is possible, but really, thats going to take one hell of a short squeeze to end the week.
*actually, if we saw 1650s today, I'll bail !
UPDATE 3.24pm sp'1639...won't take much to spike this into the close.
Come on bears, start covering ..at any price ;)
3.38pm, well, VIX is melting lower (as normal)..markets trying to break higher..and I'm tired.
Its been a long week! back at the close.