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Stock Market Speculative Scenario on FOMC Day

Stock-Markets / Stock Markets 2016 Nov 02, 2016 - 08:36 PM GMT

By: Anthony_Cherniawski

Stock-Markets

This has been a highly unusual FOMC day. The swing has been a mild on in comparison to past announcements.

An interesting Wave structure may be emerging. Should SPX make another probe beneath its daily mid-Cycle support at 2096.53, it may complete yet another impulsive Wave. The target with the “best fit” to complete the impulse [Wave (v) equals Wave (i)], would be near 2075.00. That would give the decline from the top of Wave (B) over 100 points on its 42nd day (tomorrow) from the 2179.79 high on September 22.


Day 43 may be the top of the retracement at the Diagonal trendline. The important item is that it is now beneath its 8-month trendline, which should act as resistance to the bounce that follows. A failure to retrace above the trendline is often known as “the kiss of death.” That still gives time for a 4.3 day decline to November 10, which is also 12.9 days from the NDX high. I wonder if a couple of key states may have a tie vote that needs a recount, thereby delaying the election results.

This is just a speculation, but worth watching.

Regards,

Tony

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