10am update - minor chop to start the week

The week begins with some minor chop, but with a touch of underlying upward pressure. VIX looks especially broken... now on the slide, first target would be the 14 gap zone. The big issue is what happens in the 1950/60s.


sp'60min

vix'60min

Summary

So....what now?

If you count last Friday 1916 as a sub'3 low..there is viable fifth wave lower.. to 1910/00 zone.

To me..the critical level is 1897. If that fails...it should be enough to clarify the bigger picture, which is something I really clarity on. More on that issue later though.

Best guess? A few 'messy days', maybe a marginally lower low, but then UP

So long as we don't break 1897... bulls still have a chance of renewed upside into September.

*weekly 10MA... @ 1957 will further serve as major resistance on all bounces this week.
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10.20am.. messy minor chop.... no real upside kick...

Another minor wave lower... <1916... looks increasingly likely... how we trade around sp'1900 will be pretty interesting to see.