SPX appears to have formed a double zigzag correction, usually rare for a Wave 2. Crossing the hourly mid-Cycle support at 2078.65 may confirm that observation.

This may be an ideal aggressive short entry if you have any dry powder or if you have been stopped out. Otherwise we wait for the confirmations at lower levels.

More info is forthcoming as confirmations are given.

More bad economic news…US Manufacturing PMI tumbled to 2-year lows. ZeroHedge observes the last time this happened, the Fed unleashed QE1in 2010 and QE3 in 2012.

It appears that the low was already put in last Wednesday in the VIX. We just need to see it rise above 16.41 again…

Sure enough, we has a running Wave [ii] correction. Wave [iii] appears to have begun.

Gold is back beneath its Cycle Bottom resistance and WTIC may have just had a running correction along with TNX.

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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