Tuesday, 21 October 2014

S&P 500 futures rally strongly in European trade, 5th wave down next?

Daily chart including all sessions trade shows the S&P reached 1922 in European trade, up almost 1% from the Monday US cash market close of 1904. The trend at this timeframe is clearly down, and wave 5 down to fresh lows is the call until/unless the market overlaps the wave 1 low at 1926 (cash market). Let's see. If that level is taken out, I'll have a whole lotta head scratching to do, to figure out the top alternate scenario.