sp'60min
vix'60min
Summary
Well, futures saw some mild chop early last night, but I awaken to see them under the key low of 1577.
What now?
The 60min cycle remains on the low side, and still hasn't recovered from last weeks fall. On any basis, we could see a latter day bounce from these levels. Yet, from a count perspective, was Friday just a minor'2, with today a wave'3 to 1550/30s?
We'll likely know from the opening 30/60mins.
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I will not be chasing the open lower. In fact, I'll consider a small index-long position, but as noted, it really depends on the early price action, including the VIX.
If the VIX is spiking into the >22s, then we could indeed be in a very severe wave'3 lower.
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Good wishes, for what will indeed be a volatile and exciting week.
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9.25am...set to open @ sp'1577..
Lets see how the opening 30/90mins go. I'm still guessing these declines will not last.
1610/20s..before 1530s...yes?