We’re dealing with a major ice storm here in mid-Michigan. We have a half inch of ice on everything, stripping branches from trees and bringing down powerlines and the weather is turning colder. Major swaths of the state are without electricity, much less phones & internet. I had to drain several peoples’ water pipes because with no heat, they will freeze. We are fortunate to have power, but many may not have electricity back on until after Christmas.

My phone and internet is down, so I have turned my cell phone into a personal hotspot. This gives me limited use of the internet. I can only have two apps on at a time, but it’s better than the alternative…

SPX may be completing its Minor A-B-C wave at point 5 of its Orthodox Broadening Top formation. It now appears that the formation is complete.

So, the rally finishes by Christmas Eve, but the Panic decline may follow on its heels.

NDX has touched the upper trendline of its Orthodox Broadening Top. It, too, shows a final A-B-C wave with a more complete appearance.

VIX appears to be in need of another probe lower to complete a correction of its first wave off its Intermediate Wave (2) low. It may be finished this afternoon.

VIX is not on a Buy signal (sell signal for SPX). It will take a rally above mid-Cycle support/resistance at 14.37 to change it.

TNX appears to be steadily working its way toward its August high of 29.84. This attempt should do it. I am expecting some fireworks after Christmas.

Regards,

Tony

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