So far, sub-Minute Wave (iii) is more than 3.38 times the size of sub-Minute Wave (i). This suggests a strong Fibonacci relationship in this decline. This is the Wave relationship we are looking for in this decline. I am still looking for Minute Wave [i] to reach the 50-day Moving Average, or possibly exceed it.

At this rate, Minute Wave [i] may be complete today with a bounce on Monday morning. But things may also speed up at any time.

VIX has broken above its Wave 4 high, confirming the buy (SPX sell) signal. It is also in the process of finishing Wave [iii], which is 1.45 times the size of Wave [i]. If Wave [iii] were to achieve a 3X multiple as in SPX, it would be over 20.00. That may develop, but at a later time, since VIX has taken a beating.

TNX, on the other hand, has completed Wave [i] and possibly [ii], but needs to break the 50-day Moving Average to put a dent in Wave [iii]. Could there be an event shaping up to break support? We may not know until the weekend.

Gold reached a high of 1298.94 so far in today’s futures market. I believe that I finally have the correct Elliott Wave structure in place. It implies that gold cannot exceed 1307.00 and may be complete beneath 1300.00. This week or early next week is when its Cyclical period of strength runs out.

Regards,

Tony

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