It now appears that SPX has reached the apex of its corrective wave and may have started down shortly after 2:00 pm eastern time. I went to a Rotary lunch today and several members mentioned that they bought more stock, indicative of the sentiment of the day.

However, the ensuing decline may not have a lot of time. At this time the ideal time frame for a Crash Low would be Wednesday, May 1 through Friday May 3. I am still sticking with a panic scenario, much like the crash in gold last week.

Speaking of gold, GLD has nearly made a 50% Fib retracement today and appears to have completed a throw-over of its rising Wedge formation. The retracement took 58 hours, nearly twice the time it took for the 30 hour decline from 153.85 to130.51. There may be another hour or two left to make it an even 60 hours, but I wouldn’t bet the ranch on it.

The Panic Crash in GLD/gold is about to begin.

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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Comments

hannahgodfrey
30 Apr 13, 09:07

Gold?

Do you mean that gold will fall even further from $1,300?!?

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