Stocks Sell of Begins as U.S. Bonds TLT Consolidates
Stock-Markets / Stock Markets 2013 Aug 21, 2013 - 09:34 AM GMTTLT/USB appears to have reached its Minor Wave 5 low and is due for a bounce back to the neckline of its Head & Shoulders formation. I was wrong in declaring that TNX/TYX would continue to rally through September 3. It now appears that yields will consolidate/correct through that date and resume their rise after the consolidation ends. At the moment, I don’t expect the rally to go beyond the neckline shown on the chart. There appears to be too much resistance at the 105.00 level. We’re only talking about a 9-day rally if it wraps up by September 3.
USO/WTIC was slammed this morning and the 8.6 month correction now appears to be over. This is such a massive correction that nearly all perspective is lost. The weekly chart shows an Orthodox Broadening Top with an average target of 20.88 for the bottom of Intermediate Wave (3).
SPX is starting its sell-off this afternoon. We may expect to see a strong decline in the overnight hours that may get investors’ attention. The Cycle from the 1696.81 top to today’s 1658.92 top only took 34.4 hours. The new decline should cover a lot more territory in the same span or less.
Regards,
Tony
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