VIX update - moderate falls...before the explosion

VIX failed to break above the important 24 level today, and with sp'1306 holding - completing wave'b, the markets recovered...and the VIX slipped slowly across the day.


VIX'60min

VIX, daily - bullish outlook

VIX, weekly

Summary

VIX target is 20, possibly 19/18 by late Thursday.
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I will keep this post brief, but merely a reminder that the weekly cycle is primed to explode to the upside, with VIX in the high 30s/40s, with the next cycle starting as early as this Friday.

Closing Brief - bulls back in control

A very stark contrast from yesterdays closing hour, with the market seeing a mini ramp - even higher than I was looking for. The VIX did close around 5% lower - confirming the indexes, although its holding up reasonably well in the 20s due to underlying concerns about this weekends Greek elections.

Lets look at those closing hourly index cycles


IWM

Dow

Sp

Summary

We have a clear bull flag (pink) on the hourly chart - with this mornings low being a confirmed floor for wave'b. Wave c' I believe could complete as early as Thursday morning.

Lets be clear...I'm looking for a re-short somewhere in the sp'1350s, and then seeking sp'1150/00 by the end of July.

More later...looking at the VIX, daily cycles, and an update on the bigger picture. (if you look in the left menu, I do actually detail my posting schedule).

3pm update - closing...without a collapse?

Market is still holding up okay, with the hourly momentum cycle still crawling back upward - a bigger move to around 1335/40 is anticipated tomorrow.


sp'daily, fib levels

sp'60min

Summary

I like Fib' levels, but I'm not sure not a disciple of them. The chart above does suggest a broad 1345/65 range for the C'wave...and I'm certainly not going to even bother getting specific about such things in this messed up algo-bot market.

Seeking a close today somewhere around 1317/21. That would be a good close for the bulls, above the hourly 10MA of 1316

More after the close!