Yesterday’s decline did not appear impulsive enough to qualify as a Wave 1 down at any degree. In addition, despite Macro Wave I’s uncertain pedigree, Micro Wave iii and v are clearly impulsive. If this morning the SPX does not break down, it may leave us with a probable final Ending Diagonal sub-Minute Wave (v) to go if my earlier wave structure is incomplete. The reason I bring this up is that the futures made a new high, but are now pulling back. The Premarket is up on horrible news, but may only be completing a 5th wave of c of Wave (ii).

8.6 times 3.1416 equals 27.0176, or 6.5 days beyond August 25. If this Cycle is seeking precision, that puts the peak on Monday, Labor Day. Of course, the world markets will be open, but we won’t. That means a probable decline may already be underway at the open on Tuesday.

Which leaves us today’s puzzle. Is it a corrective Wave c of (ii), or is it the final push higher in (v) as illustrated?

The market will give us an answer after the open.

Regards,

Tony

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