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SPX Does a Double Zigzag Correction

Stock-Markets / Stock Markets 2015 Dec 01, 2015 - 05:55 PM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX appears to have formed a double zigzag correction, usually rare for a Wave 2. Crossing the hourly mid-Cycle support at 2078.65 may confirm that observation.

This may be an ideal aggressive short entry if you have any dry powder or if you have been stopped out. Otherwise we wait for the confirmations at lower levels.


More info is forthcoming as confirmations are given.

More bad economic news…US Manufacturing PMI tumbled to 2-year lows. ZeroHedge observes the last time this happened, the Fed unleashed QE1in 2010 and QE3 in 2012.

It appears that the low was already put in last Wednesday in the VIX. We just need to see it rise above 16.41 again…

Sure enough, we has a running Wave [ii] correction. Wave [iii] appears to have begun.

Gold is back beneath its Cycle Bottom resistance and WTIC may have just had a running correction along with TNX.

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

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