Looks like the first wave (I) of the C (- the 3rd wave of the corrective ABC) has completed with a 5 waves motive down pattern at 1347.75. If that is real, the second wave (II) would be underway with the intraday bounce. The 1st target of the bounce would be 1363.94.
My Trading System should turn to short at "appropriated" bounce targets. Saying differently, I don't believe any bounce as profitable before bears win 1312.xx.
My technical views with Traditional and Elliott angles are not changed from yesterday post.
In the short term view, I would like to add more bearishness to the picture because of the fact that the rebound on Monday looked too weak and if it resumes Tuesday before touching 1357.xx-1358.xx, it would be a good chance to short.
A rebound, if any today before touching 1357.xx-1358.xx, should be capped by 1376.xx.
Would like to repeat what I said yesterday "May be a profitable bounce can only be found at 1357.xx -1358.xx"
My note on the chart: When these 5 waves (of the Wave I of the corrective C) finish, we will see a profitable bounce.
A rebound Tuesday before touching 1357.xx-1358.xx would be a good chance to short.
A rebound Tuesday after touching 1357.xx-1358.xx would be a chance to long (counter trend, short-lived expectation).