A political chess game is being played between Putin and the West. Of course, this has sent the futures soaring, but not to new highs…yet. Of course nothing has changed on the ground in the Ukraine.

This gamesmanship has the ability to change the pattern of the markets, as well. Not everyone is confident that the Russians are really backing down. If the market fails to make a new high, then the pattern on the chart will be the correct one.

However, if the SPX makes a new high, then [y]-[x]-[z] becomes [y]. Yesterday’s low becomes [x] and there will be a new zigzag Wave [z]. That’s the nature of a zigzag. It can replicate itself again.

Today and tomorrow are both Pivot days, so it suggests that a new zigzag may be done by tomorrow.

That’s it for now.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

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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