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Update 2:38pm EST: The updated analysis is beginning to look like this may be printing a more significant top than just a 'minor' one. There is now an equal chance that a substantial retrace of the 3/23/20 low may be about to occur after the wave '2B' up prints. It could retest close to the 3/23/20 low or stop a fib amount short. Either way, the relief from '2B' up when it occurs may well be the set up to take more than a few long positions out for a while. Keep watching the print. If we are way off, that will also show up soon.
Update 2:03pm EST: Bottom chart: wave iv - v down length (not labelled yet) just printed an equal length to wave ii - iii down at ES 3720 price zone which may produce a reaction but there are some vectors showing the potential to go an increment lower.
An often overlooked instrument 'UPRO' typically works to signal when prices in the market have become over heated at critical fib extensions. Such is the case presently. While not a major top, it will be of sufficient size in this environment and at the degree that it appears to be printing to scare more than a few.
Update 2:38pm EST: The updated analysis is beginning to look like this may be printing a more significant top than just a 'minor' one. There is now an equal chance that a substantial retrace of the 3/23/20 low may be about to occur after the wave '2B' up prints. It could retest close to the 3/23/20 low or stop a fib amount short. Either way, the relief from '2B' up when it occurs may well be the set up to take more than a few long positions out for a while. Keep watching the print. If we are way off, that will also show up soon.
Update 2:03pm EST: Bottom chart: wave iv - v down length (not labelled yet) just printed an equal length to wave ii - iii down at ES 3720 price zone which may produce a reaction but there are some vectors showing the potential to go an increment lower.
An often overlooked instrument 'UPRO' typically works to signal when prices in the market have become over heated at critical fib extensions. Such is the case presently. While not a major top, it will be of sufficient size in this environment and at the degree that it appears to be printing to scare more than a few.
The first wave down typically takes the form A-B-C down (wave 'i' on next chart) (see June 5-8 2020) then declined rather rapidly after a retrace up to wave 'ii' especially regarding the volatility spike attached to it ultimately creating a 5 wave down in UPRO. It then created a rapid recovery after testing it's low range. However, the similarities between this example and the current potential situation may end there- the current leg down if correctly analyzed is about twice the depth and a lot longer in time. There could be significant decline as a result. Stand by for continuing analysis.
VXX 13.46 price zone most likely important subject to fine tuning as market prints a '2B' up.
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The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
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