Anyways - good luck! Certainly higher prices are good for bears cause I don't think they would last.
[Update 6AM: Initial thrust up takes a breather and gives back most gains over the last few hours. Europe is flat.
Remember, the earlier charts on this post are there as an alternate - I should have emphasized that - we at least need an alternate for instance for a move to 1075 SPX- how would we label it?
But if tonight's futures are unmatched today in the cash SPX index - that is a sign of excess optimism perhaps. And would be certainly bearish.
The primary count can still be found here (in one form or another) http://4.bp.blogspot.com/_TwUS3GyHKsQ/THgwt37Sy3I/AAAAAAAAHTM/QG__JmIra68/s1600/spx30.png
We'll sort it all out in the end and certainly there is a heap of resistance at 1065-1072 zone. Volume to break through above it - at least on first try? I have my doubts and they would be well-founded. Good luck today!]
Now we have the last week of August summer vacation trading. The thing looks like a zigzag down (as we now have a ton of overlap on the e-minis) but I prefer a falling wedge if there is a big bull follow-through day to confirm it. Not sure about nested 1-2, as the second 1-2 would be almost bigger than the first which may not look right...unless the price falls apart right about here.
http://2.bp.blogspot.com/_TwUS3GyHKsQ/THWirvu01HI/AAAAAAAAHRs/bEQDiwrLN9k/s1600/spx60.png Retrace about 72%.
So the sharp rebound, so far, is indicative of a post wedge violent move. Lets see if they can maintain elevated prices.
Should be a fun week. Very tough counting right now and very tough read on how sentiment is playing. Also still pre-Labor day.