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Stock Market VERY IMPORTANT Turn Date

Stock-Markets / Stock Markets 2015 Oct 07, 2015 - 02:20 PM GMT

By: Anthony_Cherniawski

Stock-Markets

It appears that I was closer to the truth than I had imagined when I said that yesterday’s (today’s) Pivot was more important than that on September 17. The Elliott Wave pattern shows today’s Intermediate Wave (B) as the orthodox retracement top, but not the high in the corrective formation. This is an irregular pattern and gives the message that SPX may be ready for a larger decline than previously imagined.


This is also the reason for VIX’s impulse down without making a new low. Cyclically, the retracement high must be less than 30 days from the new low (and vice-versa) to qualify for a Cyclical change of trend. September 17 was 24 days from the SPX low and VIX high, so that date marks the low in VIX , but not the end of the corrective formation.

This is very tricky stuff, but it helps to know some of the rules and guidelines.

The Dow Jones Industrials did make a new high at 16963.00 today and challenged both the Cycle Top at 16854.00 and its 50-day Moving Average at 16761.00.

In this case, reaching its Cyclical target appears to override the time constraints in this case. Note that the SPX did not reach its Cycle Top and the VIX did not reach its Cycle Bottom.

But it doesn’t stop yesterday’s new and corrective high from taking place in the Hi-Lo Index. Fortunately, the sell signal is activated at -19.66. That could easily be activated yet today.

The new high in TNX puts a different Elliott Wave pattern on it. Yesterday was day 43 from the August 24 low, just the same as SPX. However, today marks the Primary Cycle high in USB, which appears to take precedence.

Commodities (including gold and crude oil) have rolled over without making new highs. They now appear capable of making new lows, as well.

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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