There appears to be one more probe higher to complete Minor Wave C of Intermediate Wave (2). I estimate that it may go as far as 1800.00, but may not be able to touch the hourly Cycle Top at 1800.70.

This does not invalidate the comments regarding the reversal made in yesterday’s Closing Commentary. If anything, it may push the ultimate low forward another day or two.

What I did not say last night is that a December 11 low may correspond with a Trading Cycle high in the USD.

The VIX suggests an alternate scenario in which the low may occur during options expiration week. Our job is to stay on the alert for the patterns that allow us to anticipate the changes in trend.

Regards,

Tony

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