Mini SP500 Intraday Crash Update With VIX Commentary

Finally, The markets have reacted to the October, 19, 1987 stock market crash. It’s not any yearly anniversary date that the markets might react to,  but it’s the 30 year anniversary date that is the important time period. 

We do need more evidence that this decline has more downside legs to go, as any initial reaction can be still part of the bullish cycle. It is important that I find the last bullish wave otherwise, any wave count will have little meaning. Since the initial decline was rather steep, we could be looking at the start of,  diagonal wave structure as well. 

The spike to the upside is not a good bullish signal, but the markets are still struggling trying to head back up. Any analyst can give us support price forecasts, but when they do, they think they are just in another correction. The only real support we will find is the final one of a bear market low, as all others will just be temporary stops. 

That’s not going to happen anytime soon, if a potential Cycle degree peak has just completed. I’m looking for the top that will hold, as these record breaking highs may have come to an end.  Until this market is firmly controlled by bears, the risk of another bull attack are always present. 

The VIX has also soared, but created a few open gaps as it surged.

This VIX cash chart is very different from any November or December contracts. So far we have the potential for a zigzag to be completed, but that can always be the start of a diagonal set of waves as well.

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