Stock Market Turn at Pi
Stock-Markets / Stock Markets 2014 Oct 22, 2014 - 09:22 PM GMTSPX has broken beneath the lower trendline of its second (lower) Orthodox Broadening top, triggering that formation and giving us a lower target at 1493.80. It has also broken the Ending Diagonal trendline, giving us a minimum decline to 1820.66.
What is more interesting is that the rally turned at almost exactly 1885 minutes from bottom to top. Divide by 60 and we have 31.416 hours…Pi.
Remember that the decline happened in 18.5 hour (4.3 times 3.1416).
VIX also unmistakenly turned in the same time interval. I did a new Fractal similarity calculation on VIX, which may repeat for a last time by November 7. The target appears to be 65.11!
Bloomberg is reporting that, “After surging to a 28-month high last week, the Chicago Board Options Exchange Volatility Index (VIX) has fallen at least a point a day starting Oct. 16, reflecting a dissipation of investor concern that hasn’t occurred in five years.”
Famous last words.
Regards,
Tony
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