Best Financial Markets Analysis Article The VIX may be finished with its back-test of the neckline. There is an outside probability of one more quick touch at 22.60 before moving higher. The VIX is still nowhere near its intended target, so this is just a short reprieve from the rally.

The correction in SPY has all the moving parts necessary for a reversal back down. The decline didn’t leave very many clues as to when it might have a bounce last week. This correction is a 38.2% variety, which hasn’t been gobbling up downside profits as others have in the past. The steepest part of the decline is straight ahead as bad news simply gets worse.

FXE made a weak 17.5% retracement and may be finished with its correction already. There is a long way to the bottom and FXE must start accelerating.

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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Comments

chris
21 May 12, 23:49

Bear call again

You have been calling market tops for many years and always proven wrong. Eventually you will be right but even a broken clock is right twice a day. If investor heed your advice they would lose out greatly.

Either improve in your calls or refrain from making one for the sake of all.

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