However, the real story is on the other side of the globe as the Yen makes its final plunge to its target, having barely missed its upper range target of 87.06. The final fifth wave is not yet finished, so we could see a further decline as today progresses.

This Nikkei had a minor flash crash in the overnight market as a major player, probably a bank, made a large withdrawal from the Nikkei, driving it down nearly 300 points, followed by a 50% bounce. This appears to be just the beginning of the rotation out of stocks into the Yen. This may be the final day of the Yen decline.

The SPX rallied in the Premarket, making its Fibonacci target of 2029.33. However, it is still hard to determine how this ramp will carry over into the cash market.

In an ideal Cyclical pattern, we should see the high within the first two hours this morning.

TNX appears to be capable of challenging its 50-day Moving Average at 33.95 or its Cycle Top resistance at 24.18 today before it retraces down to its Cycle Bottom at 20.97. Chance are good that the retracement may be complete by the end of options expiration on November 21.

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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