SP'60min, count'1
Sp'daily cycle - bearish outlook
Summary
Minor' wave'1 - if that's what it was, lasted 10 days, wave'2 - which 'if' the floor is in, will probably last 3-5 days. That would make sense in terms of time. I had considered whether Friday might be a peak, but that seems unlikely.
My plan is to look for sp'1350/55 for a first exit..and then re-long again on the next 15min cycle pullback. Right now, 1350s look more likely Friday than tomorrow, but it won't take much for this market to start a reverse cascade upwards to kick all the bears out.
The big question - if today is the start of wave'2 UP, how high do we go? The H/S formation would suggest 1370 at least...and there is huge resistance at the 1380/85 level.
*bulls should seek a close above the hourly 10MA - currently sp'1336
More across the afternoon.