Click Image to enlarge.Here we have the ^Vix.You will notice
where I have the yellow lines 1356-1101 and the position of the VIX now.The has me on the edge because things could happen fast to the spx downside.
I know people who use the Bollinger bands will say but the vix is at the top of the band but nothing says it can't punch higher into the band extending the trend.
So #1 this makes me bearish.
Here we have the DAX and it has the same count as the SPX talk about a world economy staying in foot step.
Here we have the SPX CIT as called by Advanced Get and a mere 8 to 17 points from what could be a ST top.
I have offered where we could and should go if the 250 point drop is the guide. 1356-1101=-255
1422- 255 =1167.
The wave 4 pull back is offered at 1369.
If this is a wave 3 failure or C wave failure then all hell will break loose.
Is this a one event I don' t think so. A pullback Monday may offer a ST buy with no legs.
Jerry
