My phones and internet are back after last Saturday’s ice storm. There are still neighborhoods without power as the ice hasn’t melted from the trees yet. In some neighborhoods with mature trees the work crews are saying it may take another week before the obstructions are removed and the power reinstalled. My son and his wife are without power and are staying with us, since their house is literally freezing.

TNX has had its predicted breakout on Christmas Eve. It appears to be headed for its daily Cycle Top resistance at 32.42. I could not find a single news article mentioning this event.

SPX rallied to the top of its now visible Orthodox Broadening Top formation this morning. If the final wave is an Ending Diagonal, the top price should not go beyond 1841.00. So far it has not happened.

The odds of a panic decline starting before year-end are slim, but it it may still pay to be ready for such an occasion. The small Orthodox Broadening Top is a very potent formation with a target of 1355.00. The weekly Ending Diagonal has a very good probability of taking over from there.

VIX is testing its Master Cycle low. It may not go beneath the November low at 11.99, if the wave structure is correct.

Gold did manage to rise above its Head & Shoulders neckline, but only marginally. It now appears to be coming back down, but is not yet beneath the neckline. Despite multiple websites urging investors to buy gold, they don’t seem to have their hearts in it.

I will add commentary as new moves develop, but it seems that everything is in slow motion due to the low volumes over the holidays.

Regards,

Tony

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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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