Best Financial Markets Analysis Article The SPX has broken below its prior weekly low at 1209.47 on December 14. This week we should see a drop below the 1150.67 low and possibly to the minimum target of 1025 .00 before any kind bounce. The cycles suggest that we may not see a bottom until December 29.

The VIX is rallying off the bottom trendline of its bullish descending wedge formation. A cyclical confirmation of that rally occurs as the rally exceeds mid-cycle support/resistance at 26.72. Further confirmation occurs at the breakout of the declining wedge and above intermediate-term trend resistance at 29.98.

I wish to put my subscribers on alert that GLD is due for a low on December 21st. It appears to have made a wave iv high and is ready to make its final descent in this short term pattern. Due to the influence of the Head and Shoulders pattern, I fully expect to see GLD at or below its minimum target of 128.68.

Good luck and good trading!

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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