Update 12:30pm EST: Short-Term Leaning Impulsive Down- Expecting VXX to close the gap and challenge it's low range prior to heading back up as the market continues to decline.
Update 10:31am EST:
FAILURE AT THE DIAMOND! Lower declines on tap. Targets- ES 3865 if yellow 'v' printed and ES 3808 if blue 'c3' is a wave 3 of 3 total). If 'c3' is wave 3 of 5, then a 'd4' pullback will print with a less deep target somewhere above 3808. This decline could take us to Friday week-ending close for a negative weekly breadth print.
VXX is showing 4hr chart strength and VIX volatility is still elevated. The VIX itself may have printed three increasing depth back-to-back capitulation moves prior to the diamond target being touched- that could spell a short-term decline.
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