Stock Market Pop-n-drop Tuesday :: The Market Oracle :: Financial …
Stock Market Pop-n-drop Tuesday
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Stock Markets 2014Apr 29, 2014 – 04:04 PM GMT
Good Morning!
Yesterday evening as I looked at the SPX, it appeared complete, as the retracement had gone 61.8% as of the close. However, the Wave structure of the retracement was 3-3-3, when it should have been 3-3-5. This morning it appears that the 5th wave may go to thew top of Wave (iv) at 1877.02 or the 78.6% retracement at 1877.63.
This morning appears to be a pop-n-drop morning, as the fuel for the rally may be all used up.
The fuel for this bounce is the selling of the Yen in Minute Wave (v) of Minor Wave 2. As ZeroHedge reports, the catalyst for this probe higher was a ramp in USD/JPY that sent the European and American Bourses higher.
There is an open gap in the Yen at 97.00 that must be filled. However, there may be no
The 78.6% retracement in the VIX is at 13.40. However, there is a gap to be filled at 13.32 that may be the main attraction for the VIX.
Regards,
Tony
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Stock Market Pop-n-drop Tuesday :: The Market Oracle :: Financial …
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