S&P 500 Jan 06 to Jan 10 Outlook

Recap
Strong reaction after closing year 2013 at the high. Sold off quickly after New Year until 100% absolute range expansion was reached. Stuck in that zone since. Closed the week below Y-0 and midpoint.

Outlook
Potential spike and ledge pattern suggests that a break of B-1 will give us the B-3 target.

Although holding above B-1 points to at least a retest of B+1, I would not turn bullish until after B-0 is cleared.