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How to Get Rich Investing in Stocks by Riding the Electron Wave

SPX Challenging its Orthodox Broadening Top Formation

Stock-Markets / Stock Markets 2016 Feb 13, 2016 - 10:59 AM GMT

By: Anthony_Cherniawski

Stock-Markets

SPX at the hourly level is still challenging its Orthodox Broadening Top formation. Earlier I had reported that I was expecting two Primary Pivot days. The first was Wednesday where SPX made the Wave B high at 1881.60. The second was today, where it appears to be making a Wave [ii] high that may be complete at 1864.28.


I had originally thought that either or both of these Pivots would be lows, since the Elliott Wave structure suggested a Wave (3) low is due at this time. That is the nature of my Cycles Model. The Pivots are reversals and have to be applied against the direction of the previous Cycle. So in this case, both Wednesday’s and Friday’s Pivots are reversals down. Using the 4.3 day panic guideline, we may ascertain that the panic decline may extend to either the close on Friday, February 19 or shortly after the open of the market on Monday February 22. I will try to be more specific as the decline offers us more detail.

Apparently the rally is an effort to put the bulls at ease and confuse the rest of us. In reality, it appears to be aiming at the daily Cycle Bottom resistance again, currently at 1868.24. Whether it hits that target or falls short may not be important, as it is simply the index testing and retesting resistance as it is clear this is what happened on Wednesday and again today.

That this is happening on two Primary Pivots may mark the start of a panic Cycle going into next week. The last half hour of the day will be revealing, as the hedge funds and institutional investors will weigh in. This rally may have just given them a better perch from which to sell longs or go short.

Regards,

Tony

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As a State Registered Investment Advisor, The Practical Investor (TPI) manages private client investment portfolios using a proprietary investment strategy created by Chief Investment Officer Tony Cherniawski. Throughout 2000-01, when many investors felt the pain of double digit market losses, TPI successfully navigated the choppy investment waters, creating a profit for our private investment clients. With a focus on preserving assets and capitalizing on opportunities, TPI clients benefited greatly from the TPI strategies, allowing them to stay on track with their life goals

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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