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SPX Morphs and Extends

Stock-Markets / Stock Index Trading Oct 19, 2017 - 11:30 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX may be working on its final probe marginally higher than 2564.11. I had to change my Elliott Wave structure to accommodate the new high. This was my alternate view which explains the spike high off the bottom of Wave [iv]. Wave v appears to be expanding, which is typical of this pattern.


ZeroHedge writes, “In his latest presentation, Francesco Filia of Fasanara Capital discusses how years of monumental liquidity injections by major Central Banks ($15 trillion since 2009) successfully avoided a circuit break after the Global Financial Crisis, but failed to deliver on the core promise of economic growth through the 'wealth effect', which instead became an 'inequality effect', exacerbating populism and representing a constant threat to the status quo.”

The NDX rally may be complete, although the markets could surprise in the final hour. A-b-c patterns have a habit of expanding where impulses do not generally do so.

VIX has been quiet. Today is options and futures expiration for the VIX. That may explain why keeping the “status quo” may be so important today.

VIX is ready to explaode. It is just a matter of when.

Regards,

Tony

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