There is a rising probability that my original Wave structure was correct. I have put it back to that count with the anticipation of a break beneath the lower trendline of the Broadening Wedge at 2103.75, with Short-term support beneath it at 2102.39. Thus far, today’s low was 2104.92.

Should they both be broken, SPX would have an aggressive sell signal. There may be an aggressive sell signal from the Hi-Lo Index, since it has fallen beneath its mid-Cycle support at 67.08. It is currently at 54 and It still must decline beneath 14 to have a confirmed sell signal. We must monitor it for any upward movement.

NDX must break through the lower trendline of its Broadening Wedge at 4440.00 to be on a sell signal.

VIX has moved higher from its Wave (ii) low, but must rise above its Wave (i0 peak at 14.57 or its Short-term resistance at 14.69 prior to an aggressive sell signal. A confirmed sell signal would be above the combination 50-day Moving Average and Intermediate-term resistance at 17.39.

Today is a day to be on high alert.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

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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