QUICK CHARTS

I got about 2 hours of sleep last night, with all the bad Superbowl food and it being Monday.

But here we go..... Elliot waves.... Elliot waves are about trade channels... and the nasty thing about this is that this is a 60 pt range on the SPX... it's just crazy and hard to read... and when I suggest a correction..... it can trade 60 pts down and still be in the broader trade channel... Which is where my confusion is...... Another indicator is the volatility of the moves which are waining.

In a Bear Cycle, theoretically we should get an ABC upwards correction... Which can be what is shown in green. This should still move in a set of 5 waves that make the A B and C waves.

The blue shows the possibility of a 5 wave impulse.. which we could be in the 3rd wave of.

Overall I'd say we are due for a good correction... But that could be 3 days of 50 pt down moves.... It's hard to tell.... If we show some weakness ....

Other chart patterns......

there is a small indicator of a wedge reversal.... which means correction.....

There are Several, Cup and handles, and inverted head and shoulders.... Most of those if fulfilled should move us into the 1420-1450 range.

That we didn't manage to correct on the job news... is bullish. that we don't have that much news to move us down... seems bullish...

but I'm not a news follower, so we can correct without news.

ok, I'm going to try and catch a pre market nap.