EOD: More 'whack-a-mole'...
VIX is now testing 76% pullback while VXX is hitting new highs above Nov 13 2020 high. An unstable situation at any time. VVIX (VIX volatility) remains elevated.
ES is approaching 3825.25 target zone.
Update 10:29 EST: Up/down overlapping everywhere you look- sure sign of a corrective structure continuing.
VIX is testing a 62% pullback zone.
ES futures has printed 'i-ii-iii' waves up to 3806.25. (alt 3816 zone), (next 3825.25)
Breadth trying to climb out again.
Patience needed - sit back, relax and wait for terminal move to arrive. Take up a hobby.
Charts:
i) NYAD
Weekly longer term study
ii) SVXY
A pre-top move is often part of a wave 4 pullback at some degree. Note that SVXY is expected to print exactly that.
SVXY HAS MORPHED INTO A CORRECTIVE EXPANDING DIAGONAL 'D' PULLBACK PRIOR TO A TERMINATING 'E' WAVE UP.
iii) ES futures WATCHING 3680 ZONE LOWER
Most likely looking for a bottom inside the megaphone.
iv) NYAD close-up
We need to see the weekly closing print to confirm but the size and speed looks like there will be sufficient momentum to endure to the weekly closing. Let's see if it confirms into Friday's close. Alternatively, it could extend into next week before there is a confirming pattern. NYAD standard deviation could be a little lower but the trend line print has been in an uptrend for a while so could still be valid.
REF NOTE- SEE WHERE THE 'BIG ONE' WAS FLAGGED HERE IN FEB 2020.
(Similar set up now but is not expected to create a new low- eventually a new all-time-high)
Chart below updates the one seen in the link just above (NYAD WEEKLY STUDY)
See Critical Long-Term Review Here
The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
Our favorite go to site- McVerry Report
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