SPX may be in for a short-term bounce as it approaches the 2-hour mid-Cycle support at 2062.81. If so, it may not last. The more important support and potential target for this decline appears to be the 50-day Moving Average at 2028.50.

VIX has already crossed its 50-day Moving Average and is now challenging the 2-hour Cycle Top. Another breakout awaits it above that level at 16.77, its Minor Wave 4 high.

The Hi-Lo Index is challenging its 50-day Moving Average, but hasn’t yet made the decisive plunge beneath it.

USD is now making new lows as it has plunged beneath its cycle Bottom at 93.47. The decline may continue through the first week of May, possibly longer. The final target, if this Wave structure is correct, may be near 90.50, which may meet the declining lower trendline of the Broadening Flag formation. At that time we will discuss the bullish ramifications of the USD.

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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