Todays price action was one of the biggest one day move I have seen in a while, and so far this year. Pretty badass if you ask me... The call yesterday for a reversal was in the cautious side but it was a good one. A reversal like this are not uncommon and most of the time it can wipe out a lot of gains. This is why it is better to take some gains when a bottom is near. Overnight sessions can make a difference and in this case it made it right after yesterdays session and just kept on creeping up. Our main trend is still down, but any impulsive move like this is surely to lag the main-trends effectiveness. So the Short-term should be followed for now.
Our C wave target was not hit, but it was close enough, and a pull back from here would be expected since we are short-term overbought on the SPX. If anyone has not gotten out of the short position, I would suggest on a corrective move by the 60min Stoch. Unless of course we crash, but there is nothing to suggest that scenario.... Unless we are in a C wave of B (Just thinking out loud but see 2nd chart). Also to note is the weekly chart that has put in a reversal doji as well, but that cannot be confirmed till tomorrow.
Main-Trend: DOWN
Short-Term: UP
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