EOD: ES 3650 zone is a potential bounce as VXX hit a significant fib extension intra-day though there is a second target 1.35% higher on VXX. Ideally, if there was at least a week of breadth decline, that would help towards finishing off a top around the 3800 zone or more. The continuing price overlapping helps to confirm the structure as being an expanding triangle (megaphone) that has not yet hit it's top.
Update: 1/4/21 12:16pm EST: Looks like the alternate i-ii-ii [a-b-c] up completed. Waiting for a bounce inside the megaphone.
Update: 1/4/21 11:25am EST: As predicted in previous post- volatility was expected as there needs to be more decline in breadth moving averages prior to the final up target hit and that may produce some associated price pullbacks. The intra-day high may also fit a 'iii-c' wave label relocation from 12/28/20 which would put us in a 'iv-d' pullback. (Original wave 'iv-d'on 12/29/20 voided).
Wave 'iii-c' up = 2 x wave 'i-a' length [Alternate is a '[i]-[ii]-[iii] ' up completed]
VXX filled a gap higher from 12/22 - 12/23/20 which may have been needed to happen. Also price is approaching the megaphone center area so that fits with typical behavior. Support could be expected anywhere inside the megaphone trend lines.
Original post-
The ES 3800 zone has been on the radar for a while and looks like it's a likely target zone for another push. (final leg?). In this scenario. VXX is likely to take out it's lows as there exists a target extension just below. It isn't required but is more likely now
Keeping an eye on the monthly projection for SP-500 cash.
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