BOTTOM LINE: So far, equities are moving along the lines established last Wednesday. If these patterns are to play out, I expect a volatile week (it is OPEX!), as waves 4 and 5 complete. There is a chance that for European indices, waves 4 and 5 have finished.

This is an hourly chart of SP500 e-mini futures. The structure is maturing, and will soon be ready to reverse down.