Yesterday I commented that the SPX may make one more attempt at the Head & Shoulders neckline at 1421.00 before resuming the decline. Well, here it is.

You may also not that I changed the Elliott Wave structure and added the words “Orthodox Top” at the October 5 high. The reason is that from that top, the Elliott Wave structure is clear as a bell. The prior top appears muddled, and could be counted as part of the bullish count, as well. The high on October 5 simply appears to be truncated, even though it is part of a Rising Broadening Wedge. You wqill notice that the smaller Orthodox Broadening Top on October 18 is much smaller and, IMO, complements/confirms the prior Broadening Formation.

Let the excitement begin!

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

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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