SPX bounced to 2060.69, then impulsed back down through the trendline. It appears to have finished correcting that decline. This may be an excellent time to add short positions.

The fact that the Fed will Hold a Closed, Unexpected Meeting Under "Expedited Procedures" On Monday To Discuss Rates adds to the intrigue for what may happen on Monday.

VIX did not decline to 14.00. If complete to the downside this would be called an irregular correction. It would also be bullish for the VIX.

TNX appears to be in need of some more height, but, if not, this would also be an irregular correction and bearish.

USD did not make a lower low today and may be running out of time for its decline. There is a Wave equality target of 93.40, which may be hit on Monday if not today, but yesterday’s low is only .11 points from the minimum target.

There is a bounce expected here that may take USD back to mid-Cycle resistance at 97.16.

USD/JPY is hovering just above yesterday’s low at 107.69. It appears to have made a reversal pattern in the futures.

One thing to keep in mind; I have not found a match for a Master Cycle low hare. The next MC low in USD isn’t due until early May. That comes within a week of the due date for the low in Wave [3] in the SPX.

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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