My earlier estimates of the SPX targets were based on Wave [c] being impulsive, not in a zigzag Diagonal format. Had I stepped back earlier, it may have been more evident. In any event, the natural target for Wave [c] appears to be 2354.36, which is no far from the earlier 2350.00 limit I had put on it.

In any event, there is not enough evidence of a turn yet, although it could happen overnight. Or at the open tomorrow.

VIX challenged its 50-day Moving Average at 12.00 today, but closed just under it. By itself, this does not constitute a sell signal, but this is the most heartening thing I have seen in a long time.

The Hi-Lo index is still above supports, so there is no signal there, yet. It may change overnight.

Regards,

Tony

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