Morning Update: Futures poised to visit the 3800's
In the overnights the futures bounced between slight losses to gains. As I posted in my weekend update the SPX cash index looks ready to at least make one more lower low. I can't tell if we'll get that today. Lastly "tis the season for tax related selling".
As of this morning I'm 50/50 whether this is a minor wave 4 with OML coming, or the "b' wave, in which we are in the target box for. If the latter, than OML is not what we'll get but we'll end up with is a c of "a" down that could be in the area of 150 -200 points lower. If we are impulsively trading below 3880 than we know this is a c wave and not wave 5 of a.
Today should fill in more of the pattern and I'll update tonight.
Best to all,
Chris
As of this morning I'm 50/50 whether this is a minor wave 4 with OML coming, or the "b' wave, in which we are in the target box for. If the latter, than OML is not what we'll get but we'll end up with is a c of "a" down that could be in the area of 150 -200 points lower. If we are impulsively trading below 3880 than we know this is a c wave and not wave 5 of a.
Today should fill in more of the pattern and I'll update tonight.
Best to all,
Chris
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