ZeroHedge reports, “The meltup continues with the S&P500 set to open at new all time highs as futures rise 0.2% overnight, with European, Asian stocks higher, as job data pushed MSCI Asia Pacific Index towards highest close since Aug. 2015. Germany, U.K. economic data seen positive, with dollar, oil rising, and gold declining.”

The Wave structure calls for one more probe higher. Wave [v] is equal to Wave [i] at 2198.14. In addition, Wave [i] was 4.3 days long. The same elapsed time may be repeated by the end of today.

More importantly, Today is a Pi date, which usually marks significant highs or lows. It appears that the 4.3 days for Wave [v] may be accomplished by the end of the day.

If this Wave is an Ending Diagonal, VIX may have accomplished all the decline its needs. However, There is just as likely a chance that there may be one further decline to as low as 10.90. Again, it appears that this move may be complete by the end of the day.

TNX appears to have completed Wave [b] above its Broadening Wedge trendline. Wave [c] may be the strongest Wave of the decline as it wipes out the longs and investors go short.

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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