The SPX appears to have completed a correction near a level where Micro Wave a equals Micro Wave c at 1976.61. We should see a resumption of the decline thereafter.

NDX filled a need for a final probe higher this morning. The NDX often reaches its highs after the SPX. However, this is the last day for such an event, Cyclically speaking.

VIX declined to its mid=Cycle support, where wave (ii) may find its support. A resumption of Minute Wave [iii] appears imminent.

GLD fell off its perch with a decline beneath its Minute Wave [iv] low.

ZeroHedge reports, “UPDATE: Gold is down 2.5% - the biggest daily drop since early Dec 2013”

Regards,

Tony

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