Whilst the bulls vainly battle to hold sp'1800 (not that it matters now), it has to be asked, was sp'1850 the high of this grand wave from Oct'2011 ? Metals are moderately mixed, whilst Oil is -0.5%. VIX is most notable, with strong gains of 18% in the low 16s.
sp'weekly4
sp'weekly - poster 'delubicz'
Summary
For the normally choppy hour of 2-3pm, I wanted to raise the ultimate issue...is the market maxed out already for this grand wave?
I often get 'lost in the minor waves', and frankly, it'd not surprise me if the slightly different count by poster 'delubicz' is actually more correct.
Key issue: if the latter is correct, then equity bears should look for a hit of the lower weekly bollinger. By end February, that will be around sp'1760/50.
So..we'll know within 4-6 weeks, if the market has already completed the giant wave from Oct'2011.
*I'll cover this issue in more detail later this evening.
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I should add, I do appreciate all counter views, and I most certainly always seek to learn from others.