'Diamond' short-term continuation pattern failed at it's minimum target ES 3960 zone. A downward structure may be forming. We expect VXX to proceed lower to it's next target prior to a bigger decline in the market commencing. Breadth needs to print more negative numbers as it has gone up very quickly on investor enthusiasm.
CORRECTION ON LOWER CHART 'c4' AT VERY BOTTOM LABEL SHOULD READ 'd4' (light blue border)
11:08am EST: UPDATED CHART PROJECTIONS
If this is a 'd4' pullback, it could take a while to print since it took 12 days to reach 'c3' which would create negative weekly breadth possibly for two weeks including the current one. That would set us up nicely for a bigger top to form.
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