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Stock Market Decline May Accelerate

Stock-Markets / Stock Markets 2014 Oct 08, 2014 - 05:46 PM GMT

By: Anthony_Cherniawski

Stock-Markets

You can see that the Broadening Wedge visible on the daily charts was triggered yesterday. It has a similar target to the Orthodox Broadening Top.

SPX just exceeded last Thursday’s low, so it will continue its decline with the next support at 1904.14 to 1911.13, where we can see the mid-Cycle support and 200-day Moving Average.


Friday’s target is at or beneath the Cycle Bottom support at 1781.22, with the ideal target for Minor Wave 1 being at 1737.00 or below. All of that should occur by mid-day on Friday.

The algos are having a tougher time mounting any meaningful rally. That may continue through the end of the week.

NDX hasn’t yet broken beneath last Thursday’s low. Once that occurs, it will be playing catch-up on the decline. You can see that it has just activated its Orthodox Broadening Top. The decline should accelerate from this point, although the bounces may be large..

MUT is well on its way with only 110 ticks to the August 7 bottom. Just beneath that is the mid-Cycle support and the 200-day Moving Average.

Again, I expect to see downside acceleration. We may see a market closure as early as tomorrow, given the circumstances.

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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