Despite the recent wave from sp'1802 to 1777, the primary trend remains outright bullish. A small sub'5 wave to the upside - 1810/20, appears likely for the remainder of this week, and probably into next week - which is a shortened holiday week no less.
sp'weekly'8 - mid-term bullish outlook
I realise any given wave count is subject to change..and personal interpretation, but the bigger weekly charts are pretty clear.
Broad upside into spring 2014..with minor retracements along the way.
sp'1810/20...then down to 1770/60..before battling into the 1800s for year end.
A small wave lower in December
I might be getting lost in the minor wave counts again, but my best guess for the next few weeks is the following...
sp'daily3 - fib levels
Assuming 1815 is a short term top..within the next 5-10 trading days..I'd look for a subsequent down wave to around 1760/50...and then upside into early January.
Let me be clear though, I won't be attempting to trade any index-shorts until the spring.
We have the usual jobs data, but really, there isn't anything too significant.
*there is heavy QE-pomo tomorrow of $4-5bn...bears..beware!
*I exited SLV-short today, and will look to pick up that position again (preferably in the 19.50/75 zone)..tomorrow or Friday.
For me..today was alright.
Goodnight from London