SPX came back to retest its sub-Minute Wave (ii) trendline a second time. This gave it a 63% retracement of its decline from the 1982.52 top. It would be good to be observant of the action in the final hour. Whether the selling picks up in the final hour or not, there should be some fireworks going off, especially when SPX crosses its Head & Shoulders neckline.

I failed to report the small Head & Shoulders formation that may give us a more accurate target sub-Minute Wave (iii) of SPX.

As far as I can tell, we are dealing with sub-Minute Elliott Waves. I may be obligated to change the Wave degree as this pattern unfolds.

GLD completed its first declining impulse of Intermediate Wave (3). The usual retracement would take GLD back up to mid-Cycle resistance at 127.05 or possibly the 61.8% retracement at 127.35. We may expect that to happen between tomorrow and Friday. That point would be an excellent position to place a short ETF for a sub-Minute Wave [iii] decline beneath 120.00.

Tony

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