Stock Market Retracement May be Winding DownStock-Markets / Stock Markets 2016 Jan 14, 2016 - 06:47 PM GMT
The recent moves in SPX have added clarity to the Wave formation. On the left you can see the “best fit” of the Elliott Waves to the decline. The impulse ended at 1886.40, as originally proposed. The rest is a corrective retracement of that decline. Thus far, it has retraced 27.4% of the decline. It may go as high as the Wave [iv] peak at 1950.33, but may be finished already.
Tomorrow is a Cycle Pivot day. I had been wondering how it would all fit into the greater scheme of the decline. Monday is a banking holiday, so the markets will not be open. This suggests the decline may extend as far as Friday of next week.
VIX has declined today, but no new corrective lows. The Hi-Lo is at -702.00, which is near yesterday’s low of -752. There is no indication that we must take defensive action here.
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