For the past several weeks I have been puzzling over the zigzag rally from the February 19 low. This new low puts the last missing piece of the puzzle in place.

It also clears up the cycle pattern for the VIX, since February 19 made for a difficult Master Cycle low, while a low this week makes far more sense. I am not yet sure that this is the MC low, but there is a Cycle Pivot says that the VIX is in a turn window.

SPX is wedged in very neatly by its own Diagonal pattern within the Broadening Top. Waves 1 and 5 of C reach equality at 1556.30, so the SPX may have finally achieved its goal today. There is one alternate count that suggests another zigzag slightly higher, but it is not a favored count at this time.

If it is complete, there may be a commodities-style reversal tomorrow.

Regards,

Tony

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