Lest we not forget, the major trend is down. Below are Weekly charts that define the primary trend of the market:
The pattern that I posted Friday afternoon still stands. Below is the EW 120 minute chart showing the familiar counter-trend rise against a longer term downtrend:
As one of you pointed out, that False Bar Stochastic is flattening out suggesting the possibility of this small uptrend continuing. But the position of the channels don't allow for much upside before something else, something more bullish, is triggered. On the other hand, a drop now below that rising Wave 4 channel will almost certainly lead to new lows. Unlike Nostradamus, I can't tell which way it will go, but I do know what to do in either case, Up is bullish, Down is bearish and Caesar should have stayed home this fateful day in 44 B.C.
Turning to the Blue Wave Trend Charts, the 2-hour bars allow for some trigger points (reversals are highlighted on price scale and small dashes under trend bars):
Unfortunately, 15 S&P points is a long time to wait for a Sell Signal, so let's look at the 60 minute chart:
Above, a more manageable 10 S&P points, but I think we can do better:
Above is the 30 minute BW chart. It flips SHORT on a six point S&P decline. That should coincide with the break of the Wave 4 channel on the above EW chart. If both systems trigger, it is a high probability SELL SIGNAL.
One last chart. Below is a Weekly Blue Wave Trend Chart. It was posted above alongside the EW chart as my first chart in this post. Here it is isolated by itself because I want to point out the level as of now at which it will turn bullish: 807.10. If the S&P should hit that trigger, everything gets reassessed.
PS: Red Wings 4 Bluejackets 0