Although SPX hasn’t crossed below the 50-day Moving Average at 2095.05, it hasn’t made any progress higher, either. This increases the probability of a Diamond formation, where the breakout is down. Diamond formations usually precede an average decline of 20% from the lower trendline, suggesting a target near 1656.00. The Diamond may supersede the Orthodox Broadening Top, so I may have to alter the Wave structure should that happen. Tomorrow is the Pivot day.

The Hi-Lo Index is above its 50-day as well. The VIX is below its 50-day, but hugging against it. One more night of suspense.

I’ll stay on the cautious side and report the changes when the break occurs.

Regards,

Tony

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