sp'daily5
Summary
Hey, can't everyone claim something good from this week? The bears had 4 days of declines..and the bulls saw a significant gain to close the week.
As the dodo would say ...'‘everybody has won, and all must have prizes'. :)
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re: a possible B' wave.
There remains a small possibility this is just a B' wave bounce - as many recognise.
However, that scenario faces the usual issues of QE, and the broader weekly/monthly cycles are pushing higher anyway.
I certainly still think this market is untradeable on the short side.
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updates into the close..on what has been a pretty interesting week.
3.11pm The 15min cycle will be offering upside into the closing 10 minutes. A spike to 1808/10 is viable, which would be a net weekly gain for the sp'500.
3.15pm.. first support is now 1800/1798...bulls should be able to hold that, before another wave up.
3.29pm.. 5min cycle looks floored at 1802. A close >1806 ..still viable.
3.35pm.. a clear baby bull flag on the micro 5min cycle...offering a close 1806/08
3.45pm.. 1802...still time for a little spike into the weekend.
3.52pm..and here comes the closing spike.