I am coming of an unbelievably busy weekend. After spending two days helping our friends prepare their duplex at Lake Charlevoix for the summer season, we came back to host my wife’s 87 year-old mother and family on Sunday. Aunt Betty (age 84) and uncle Al (age 94) decided to visit their sister on Monday and a dozen cousins decided to come as well to make a family reunion out of it. We hosted 26 guests yesterday and were completely exhausted by the end of the day. Suffice it to say there will be no Weekend Update this weekend.

It appears that the correction of Sub-minute wave (i) is complete, but the correction may extend another day or so. You can see the double bounce from the hourly mid-Cycle support at 1640.15 and the bounce to Short-term resistance at 1650.32. It appears likely that the bounce may extend to 1660.00, making this a flat correction, before resuming its decline.

Likewise, it appears that VIX must also finish its correction by declining to one of its support lines beneath it. Once complete, the VIX will be free to resume its rally with the minimum objective shown on the chart. The next high to overcome in the VIX is at 18.20, so there may be yet another Head & Shoulders pattern formed there.

I have to see some family members off this morning so I will report back later during the trading session.

Regards,

Tony

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