Yesterday, I examined the possibility of Dec 1 low being a wave 2 of sorts, and said that I would consider the long side of the index if it stayed above 816-817 area. Today, during the pre-market action, when the index was nicely down, I established a long position, it worked very well but the wave action that evolved had me concerned and I closed into the ending rally. This is a 60-minute chart that we saw yesterday. I have re-labeled the Dec 1 low as a minor A, only because the rise from that low started doing overlaps, and lost the clean impulsive look I expected.
Of course, one can argue that it is a more bullish count of a 1-2-i-ii-1-2 nature like this 5-minute chart
But stepping back, and looking through a 60-minute chart, the whole thing looked like a flag, and I was not comfortable with it.