12pm update - afternoon recovery

The smaller market cycles are playing out very well, with a B' wave flooring at 1688. A C wave looks set to battle higher into the late afternoon, perhaps taking out the earlier 1700 peak. Regardless, significant downside to at least sp'1675 is expected in the next wave lower.


sp'15min

sp'60min

Summary

Well, things are looking rather good for those still interested in taking an index/market short trade.

Typically, 2.30pm is often a market ceiling, but...we could just as easily rally into the close - not least with $3bn of benny bux floating around out there today.
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Best guess...we max out around 1702/04, no later than 3.30pm.

If so...I'll take that to enter a short-trade.


12.28pm.. looking good...

Another hour...ideally two.


12.45pm... standing by... sp'1701/02..looks to be the target within the next 15-45mins.

All things considered...I think I'll take that.