Stock Market Free-fall Probable
Stock-Markets / Financial Crash May 07, 2015 - 10:54 AM GMTIt appears that SPX may go into free-fall for a day or two, at least. All nearby supports are now broken and it doesn’t appear that the 2-hour Cycle Bottom will hold. SPX has already declined through the hourly Cycle Bottom at 2080.63. You can see that SPX has already challenged its 2-hour Cycle Bottom in the last week of March, so this decline appears to be the charm. In addition, the trading bands have widened out, signifying that support is weakening.
A typical Wave 1 should go to the daily Cycle Bottom at 1923.63, but there is a Broadening Wedge trendline at 1825.00 that may attract this decline. In addition, the Ending Diagonal has its origin at 1820.66. I am currently counting this decline as a Minute Wave [iii]. We may see Wave [iii] completed by the close tomorrow. At that point the decline will have had 60.2 hours or 8.6 days. Friday may be a consolidation day (Wave [iv]). It still appears that the decline may last into the middle of next week, at the least. The Hi-Lo and VIX will tell us when the rally begins.
Regards,
Tony
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