AFTER HOURS: Looks like headed down short-term if prices fail to retake the right triangle:
EOD: Lower cash closing vs 3/19 closing price so slight positive divergence on breadth could create a bounce soon. Still looking for a low in VXX to create a continuing minor corrective in the market.
2:42pm: Whipsaws- but up trend signal still intact from low on 3/19 to 3/24 at 66/50 (vectors) over that period. Still overheated so waiting for it to consolidate or reset at a higher low.
1:07pm: The prices were definitely overheated and looks like it needs to correct back a bit. Most likely, it will not take out the low. We are looking at a right contracting triangle potential. Stand by for updates later.
There may be some work to be done in order to get to the volatility target before a small downward continuation continues. Price advance today is a little overheated so it may need to settle down before the low in volatility is hit.
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