Stock Market At Major Turning Point
Stock-Markets / Stock Markets 2015 Jun 03, 2015 - 02:27 PM GMTThe news this morning centers around the Ten Year Note Yield, which appears to have exceeded its prior high. The best fit would be a Wave (v) of Minute Wave [c] of Minor Wave B. This would allow a strong Wave C decline to finish off the decline in yields for good.
However, should it exceed the double trendline, we may have to alter our outlook to “the bottom in TNX is in.”
This could set off a firestorm in the markets.
The Target for Wave [ii] appears to be 2119.49, very near Short-term resistance at 2119.80. This may conclude the sideways consolidation and result in a Minute Wave [iii] decline that will break the 50-day support once and for all.
After this I will be switching back to the 2-hour chart. There is no appreciable change in the VIX or the Hi-Lo yet.
Regards,
Tony
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