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SPX Completes Wave 1 Decline

Stock-Markets / Stock Markets 2016 Aug 17, 2016 - 07:19 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX appears to have completed a Wave 1 decline, or nearly so. It still has a bounce higher after that in wave 2. It may try to “fill the gap” up to 2190.00 in the process. There is no signal, yet.


VIX has broken out, but possibly in a Wave [b] which calls for a steep Wave [c] of 2 to follow.

The sideways consolidation this morning may have been a Triangle, as pointed out by ZeroHedge. That suggests the VIX may have completed an (a)-(b)-(c) bounce and not an impulse. All of this action suggests that VIX may go higher, but not today.

TNX still needs Waves (d) and (e) to complete its Triangle. Wave (e) may go as high as the 2-hour Cycle Top resistance to complete its Triangle before declining in what may be an oversized Wave [c] to complete Wave 5 of (5).

The moves of these three indices may appear chaotic for a while, so the best advice is to stay on the sidelines.

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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