You may be interested to know that the current (or should I say past) Cycle took exactly 17.2 hours of elapsed time from top to top. It also made a mere 47% Fibonacci retracement.

The next move is a break of the Broadening Wedge trendline that, when triggered, forecasts a decline beneath the Brexit low at 1991.00.

NDX appears to have completed its Cycle with a 61.8% Fibonacci retracement in 68.8 hours (17.2 X 4) and is now lined up to decline in tandem with SPX. We are now looking for a break of the 50-day Moving Average and the Head & Shoulders neckline at 5662.00.

We’ll begin using the 2-hour charts that show more of the big picture.

VIX appears comatose at the moment. However, the retracement appears to be finished. Wave 3 may be a multiple of Wave 1 with minimum targets near the May 17 high at 15.71.

The NYSE Hi-Lo Index appears to be behaving by remaining beneath the mid-Cycle resistance at 98.39. A breach of the May 17 low would be a final confirmation that the bear market is underway.

Regards,

Tony

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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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