Well that was a dopey thing I did on Friday with the "Bearish Option". I should have stuck with my original count, and kept in mind that we were finishing up a wave 4 candidate move right into a full moon. Dumb dumb dumb ... plus I dumped some perfectly good SPY calls.
Back on track, the channels are starting to make sense again here, so I can see us rallying to a 1480 finish EOD Monday.
Hmm, actually I think the blue line we "reject" off in the 20-day chart here may actually be an odd artifact in OX charts. That happens sometimes when you view charts at different zoom levels. It's still an important 50% retrace level from an 80pt drop from the presumed top.
It doesn't show up in the 60-day chart.
Yeah, zooming out a bit further, I don't know what that line is supposed to be on the 20-day chart. A ghost trendline for October, I guess.
This sets us up for a summer 2013 rally and a hellish crash in the fall.