Hmm...well, 1363 is holding as the line so far. We're selling back a bit, but nothing dramatic yet.
This chart outlines a simple possible count. Maybe we'll pull lower to 1320/10 -no later than Monday/Tue...then a tiny '4 bounce..before a final'5 lower to around 1260.
Clearly, we're looking for a significant down day - at least as big as Tuesday, if not more..+ follow through!
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The 1260 level remains VERY problematic for the bears in the mid-term. It is highly likely to hold, and be the starting point for a major bounce. Whether its the start of a last 'wave'5'.....or a lower high...thats the ultimate question right now.
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UPDATE 2.15pm EST
Obviously we are a few pts above the earlier line. However, 60min MACD cycle IS rolling lower...so, the underyling trend change IS underway. Whether that can translate into a significant move into the close, and overnight...no idea.
Greek PPI nonsense at 3pm, a 'sell the news' event?
Yours..in the trenches
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