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Trading Lessons

SPX Makes a Broadening Flag

Stock-Markets / Stock Markets 2016 Mar 01, 2016 - 05:13 PM GMT

By: Anthony_Cherniawski

Stock-Markets

It appears that SPX is completing a Broadening Flag formation at 1970.19. Its average target appears to be 1504.10. These are different from a Broadening Top, since they are reversal formations, while a Broadening Flag is a consolidation formation indicating a resumption of the previous move and may be more potent in terms of its ultimate target.


The Elliott Wave structure is a double Zigzag. This is typical of a Wave B. The Cycles Model tagged last Friday’s high as the potential reversal point. What is interesting is that it is still the top in SPX futures, if not in the Cash market.

VIX made a new Master Cycle low today at 18.01. This decline in VIX shows that investors have become totally disarmed in regards to hedging against a major decline. It currently is beneath the daily mid-Cycle support at 18.86, but isn’t far away from an aggressive buy signal once it rises above that level.

ZeroHedge reports, “A more wonkish conspiracy-theorizing onlooker might suspect that the increasing ubiquitousness of VIX tails is sending a message to markets of what to do next...

VIX Tails objective reached...”

TNX appears to be finishing its Wave [b] retracement. Once beneath Short-term support at 17.84 it will resume its sell signal.

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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