Finished my outdoor project over the weekend, and came back to some of the same technical technical problems I've been struggling with over the past year. Computer freezing on shut down, and refusing to recognize certain solid state drives... got that all sorted out yesterday, and it's good to be back.
Put on my Elliott Wave hat this morning and drew up some new charts.
$SPX Looks like we put in a major market top yesterday - in wave 5, so watch for (2500) support to break down some time today.
$INDU - Depending on how long wave 2 consolidation takes to complete, we could see the snap-back rally coincide with Oct OPEX.
$VIX - yesterday's breakout seen on yesterday's chart. Watch for the breakout, to confirm the reversal. If it doesn't happen today, then maybe tomorrow, on the FOMC statement.
Depending on what the Fed is planning to, that could be the catalyst for the selling, but we're also getting closer to Brexit, and could see a violent reversal in the $GBP, and the $USD. This could be related to new Iran sanctions, because Europe is still making deals with Iran...
$USD - watch for the mother of all short squeezes...
$GBP - Watch for a violent reversal into a powerful primary wave (C) ... once the sugar high wears off.
$BitCoin Yesterday's short squeeze in bitcoin, confirms what I said about it being shorted some how. I'd be a seller....
That's all the time I have.
Take care, AA
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