I have put a second upper trendline on the Orthodox Broadening Top to show how trendlines often act as both support and resistance. In this case, the new trendline appears to be resisting the rally at or near 2165.00. Whether SPX breaks through or not is in question today.

The rally may be complete here, so that is another reason for my report. You may recall that I had suggested that the rally may have hit its intended target at 2157.63, the first time it hit the upper trendline. Since then, the SPX has gone sideways more than higher.

There is a new Elliott Wave structure that fits best for this rally.

There is also a new Elliott Wave structure for the VIX. It appears complete, or nearly so at this point.

TNX appears to have made a short correction and may be headed lower at this time.

The USD may also be on its way down again.

Both of these indexes going down would also take the strength out of the SPX rally.

Regards,

Tony

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