Minute Wave [iii] has now violated the 50-day moving average and is about to cross the smaller Orthodox Broadening Top trendline. As previously mentioned, this wave may now extend considerably below 1800.00.

A Fib Wave [iii] expansion is generally at least 1.618 times the size of Wave [i], which would be approximately 61 points, giving a probable target of 1767.50.

Wave (c) Fib Wave [iii] may be 2.618 times (or more) the size of Wave [i], giving a deeper possible target of 1730.00. The two calculations above are only estimates, so we will be watching them with the probable outcome of landing beneath the trendline of the larger Orthodox Broadening Top, as well. It may also give us a pattern for future Wave construction.

The VIX may be aimed at the Cycle Top resistance at 18.10, as previously mentioned. VIX appears to be extending, allowing it to go even higher a 2.618 times expansion of Minor Wave 3. This may put VIX as high as the Triangle top trendline near 21.00.

Regards,

Tony

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Disclaimer: The content in this article is written for educational and informational purposes only. There is no offer or recommendation to buy or sell any security and no information contained here should be interpreted or construed as investment advice. Do you own due diligence as the information in this article is the opinion of Anthony M. Cherniawski and subject to change without notice.

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