11am update - C wave complete

The indexes slip a little lower in early morning, but we have most probably seen the market complete a C wave lower, flooring at sp'1775. Metals remain exceptionally weak, Gold -$23, Silver -3.7%. The rest of today will be interesting to see what the bull maniacs can manage.


sp'60min

vix'60min

Summary

*VIX is offering a marginally higher high, but...considering everything else, a red VIX close looks very likely.
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Best guess... we have floored, and will now see broad upside into next week.

Yes, there is the uncertainty of the FOMC, but with no taper, market should ramp into year end, with a primary target zone of 1830/50.
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11.25am. VIX turns red. A break <15.00, and that should confirm the overall outlook.