2/13/20 04:00pm EST.
It is becoming clear that the overlapping moves are increasingly defying any useful structural analysis. There may be more upper targets to come so best to simplify things by letting the top analytics do their job. Having said that- there is a possibility of a small pullback if VXX takes out 13.97 with any momentum prior to the bigger top that is expected.
2/13/20 12:45pm EST.
Another Corrective Up or More? Chart realigned 03:20pm.
Global Signal : Trading Optimism increasing!
Original Post-
2/13/20 09:37am EST.
Global Signal : Trading Optimism. (optimism is required to make tops so watch closely!)
Upper ES target zone now begins at 3382.50
It sounds like much that's happening in the market is being somehow caused by the coronavirus according to many media outlets. It's a better strategy to not go that route and to let the market tell us exactly what it is doing. A great many important set-ups take weeks/months/years to develop within cycles. Sometimes the cycle brings with it an increase in negative events like the coronavirus so it does 'seem' logical to make that a cause of market moves at the time. Of course it is a serious occurrence and causes disruptions to everyone's well-being but the market is only about trading between participants and the global signal says trading optimism for now and has done for a solid week to 10 days since the lows at the end of January. It may seem contrary but it is trading optimism that produces the tops.
The up-moves A-B and B-C look corrective so far especially if the measure remains close for the B-C move (two up-wave lengths 'A' and 2.62 x 'A'). This could support the megaphone (diamond, triangle, diagonal?) structure idea that was described previously. The price reaction off ES 3382.50 could become significant if it follows through one way or the other with any momentum (expect this dip to be bought and let's see where that leads).
Watch is still Active.
The bots will flag a "V" when they see a top.
Our favorite go to site- McVerry Report
This information is for entertainment purposes only. Financial loss can occur from investing.
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