Pre-Open 8:06am EST. 8/6/20: Overnight high at 3329 zone is potentially the end of c/3 (second chart) but below C (first chart). Possibly a pullback prior to final high printing since yesterday's high did not hold into the close. A large acceleration down would indicate that the top has likely printed since VXX has entered it's end zone price range. Also the ES futures price megaphone is moving in a 1.8% overall range which is small by comparison and volatility of the VIX (VVIX) has declined somewhat from it's highs. These events are compatible with topping actions.
original post:
All gaps appear to have filled and vectors are displaying mostly null signals indicating complacency. VXX RSI has compressed at the lows and volatility has tanked. Weekly NYAD MACD signal line has been heading down since June 15 while prices moved higher overall. It is still above the zero datum indicating a medium/short term top if it prints one soon. Let's see if it pans out after new market highs finish printing- usually a final high will print late afternoon so any new high prior to that timing-wise may be premature. Current target zone of 3322.75 is most likely a minimum target on ES futures.
See Important Long-Term
..and possible bounces/bottoms:
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