SPX has hit the first of its targets. While it may go higher, this may warn that there may not be much left in this rally. The European markets close at 11:30 and this fits well with the chance of a reversal within this time frame.

NDX has also met its target of 6370.00. This is a warning that the beginning of Super Cycle Wave (c) is likely to be unmistakable.

VIX overshot its Wave 2 target, but that is not news, is it? It may already be in reversal.

Jut to warn you, there are no VIX buy signals until it rises above its 50-day Moving Average at 10.76. We have been here before, so it may be best to wait for the signal. However, the bottom of Wave 2 is often where Elliotticians make their move.

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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