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Stock Market Trend Forecast Oct - Dec 2019 by Nadeem Walayat

Stock Market at the Precipice

Stock-Markets / Stock Markets 2014 Aug 13, 2014 - 05:32 PM GMT

By: Anthony_Cherniawski

Stock-Markets

Good Afternoon!

SPX appears to be wrapping up its retracement at the 50% Fibonacci level. This is an irregular Wave 2 in the form of an expanding diagonal. Normally we see prices go to the mid-Cycle resistance, but the SPX does not appear as if it will go any higher.


NDX appears to be making roughly a two-thirds retracement at 66.9%. It appears that it may not make the lower trendline of its Broadening Wedge formation.

This is a good place to add short positions to the NDX.

VIX is making a near-perfect 61.8% retracement, which is unusual. The stopper also appears to be the Intermediate-term support at 12.99.

MUT has briefly gone above its Head & Shoulders neckline, but that may not negate the pattern if it closes beneath it later today.

All of these indices are poised for a Wave 3 decline. I don’t see how they can be held up for another two days in order to get through options expiration again.

A flash crash may achieve the Broadening Wedge targets shown in the SPX, NDX and MUT charts in as little as 4.3 days.

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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