Nothing has changed

Equities saw the biggest opening drop in around three months, but not surprisingly, there was something of an intraday recovery. The broader trends are utterly unchanged by what was a relatively minor down wave. The Sp'2000s remain on the menu.


sp'weekly8b

Summary

*again, I want to note, don't get fixated on the timing of sub waves 3-5. The broader target is now the sp'2100s.. and it will likely take until next spring for that to be achieved.
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Lets get this clear to start with...

I did note a bear flag on the hourly chart yesterday afternoon, although I was overly dismissive of it. The fact we opened sharply lower - on the Portuguese bank news, was arguably just an excuse by Mr Market for a secondary (call it 3, C.. or whatever) wave.. ahead of the weekend.

In the bigger picture....absolutely nothing has changed.

Again, I will highlight a very viable scenario/count from poster 'Eddy'.

sp'weekly8d

The most notable aspect is that at the current rate of increase (40pts a month), it will take until next February to hit the sp'2100s.


Looking ahead

The only notable aspect tomorrow... two fed officials on the loose.. whose comments might nudge the market a little.

*next sig' QE is not until next Thursday
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Goodnight from London