The SPX 1317 target as shown on my previous medium term updated chart was hit on Friday. Next, a severe decline to SPX 1222 is targeted.
Cycle analysis indicates that a selloff would initially start with a moderate decline. Many will call for a bottom as the market consolidates prior to a severe decline. Don't be fooled in the consolidation phase - a freefall is to follow!
The following VIX chart shows the cycle with excellent symmetry. Initially, I am looking for a triangle to form with a breakout and spike up. Notice that a move up to 31 would be a slight lower high, near double top with the recent top. This would be an approximately 82% rise in the VIX from the low on Friday, March 25th.
The lower high would hint at the coming strong proposed rally to SPX 1352.