EOD:
So far, a good impression of a slightly bigger than 'normal' pivot in keeping with what we expect this leg to be in this highly changeable market- (a high degree wave 5 can move dramatically). Otherwise, a whipsaw will fly out the top quickly to start the real pivot higher up. Could still be a large retrace when you look at the cash gaps above and the volatility gaps (VXX). The 5-6% decline that was indicated in a prior post looks achievable. Then off to all-time highs to finish the high degree wave 5 leg. Breadth and price was very much overbought going into this potential pivot beginning April 1 2021. If a pivot structure is unfolding, those price levels likely will be tested/taken out (lowest cash gap in that time window at 6% decline).
Also note that VXX daily MACD is ready to test the (-)1.2 level [thicker, green line]. Once it settles above that value, all bets are off as wave 5 top is the next and final target together with a stronger VXX set up that very likely will be positioned to pounce on the VXX target low currently in the 30.00 zone about 18% below the current low. A long way to go before we get there.
See Critical Long-Term UPDATED 4/12/2021 Review Here
The bots will flag here when they see a top. (1/25/20, 2/20/20, 4/9/20)
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
Our favorite go to site- McVerry Report
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