We had reached allmost 100% retracement now from previous top where SPX made 1303.5 as high of the day.
So, overall this went as should. Today US was not driving this anymore but DAX responsed another “half” to reach channel upper line.
This new swing from estimate channel bottom can be impulse internally if breaken for smaller degrees, however for major timeframe ie. for this hourly chart I think it is going to still breake for 3 only which make it zigzag also for upside just like all other´s has done for both directions inside the channel.
Over the next 2-3 weeks it should reach 7500-7800 (most close of 7800) while now I think it is time to park a bit where next “bear-roll” over can be placed.
Note that “before” chart this estimate upside reaction was also still just 3 waves movements – for both directions. It could leave it actually allready on last week with one only.
Done, done and done – for hourly charts I see no edge for today anymore, not for tomorrow much either but expect this channel line to be breaken upside after next retracement is done – with next wave or then as another option we do that this way, travelling via the upside channel.
I see pretty significant troubles how chart could land back all the way down to the channel bottom anymore since daily RSI is bullish for it.
SPX 1313 should be seen by end of the week which leaves only ten to twenty points left while 1303.5 can terminate it.
Greece news is delay but it doesn´t mean anything anyway, market knows allready they will accept it.
All news are in charts before they are even news.
I am out rest of the week, this bottom was only thing or reason I was hunting for DAX. I actually sold it allready yesterday for half way but with futures that means a lot. For US first hour I will exit some stock longs while did the same in Europe at this morning.
I see no next roll-overs not earlier than next week for anything interesting by size, till then it´s bullish but most done allready.
