Here is a 60 minute chart of the SPX:
(1) Triangle-Wedge from the November lows still containing prices;
(2) Wave count still suggesting a Wave 5 down to new lows is pending;
(3) FBS oscillator has turned down from way overbought, just ready to move below signal line.
Tuesday is a big news day and while news may trump EW pattern momentarily, ultimately EW will re-assert itself and direct prices wherever pattern demands prices go.
Big news from NNVC today:
NanoViricides, Inc. Update on Eye Drug Development
Monday February 9, 7:00 am ET
WEST HAVEN, Conn.--(BUSINESS WIRE)--NanoViricides, Inc. (OTC BB: NNVC.OB) (the "Company"), reported today that on-going negotiations with a large pharmaceutical company have now progressed to an advanced stage. The pharmaceutical company initially plans to evaluate NanoViricides’s drug candidate for effectiveness against external ophthalmic diseases caused by two different virus types, namely herpes simplex virus (HSV) and adenovirus. These evaluations will be performed by an independent research institute that specializes in diseases of the eye.
In addition to a Market Club Trade Triangle BUY on the Daily Chart, my EW chart above is suggesting an initial move to $0.95-1.00 based on today's rally.