Update: Wave [V] Still In Play

EOD: VXX daily MACD is finally in contact with the signal line and is just a hair below it. This is encouraging towards completing conditions necessary for a turn signal that could facilitate a short-term market decline for those inclined to trade it. VIX still has a gap lower that most likely requires to be filled before a more serious decline [potentially a short-term drop at a degree higher than the current few day's decline] can happen. That event may also necessitate a new high in the market somewhere. Regardless- the VXX MACD daily plot needs to remain clear and above the signal line going forward. A cross back below will cause a re-set to occur if not a total invalidation of the structure. If it simply 'kisses' the red signal line and still continues up, that keeps it on track for a mini-top to develop. Closing ratio looks encouraging for more decline in the market to continue at this degree but still do not have all the conditions for a larger decline. Perhaps we have an exception to typical criteria being unfilled- that remains to be seen. If we have missed something critical - that will soon become apparent.

Original post-
Breadth was oversold somewhat so a retrace or more could occur on the daily print. VIX daily still has a lower gap to fill- that could initiate a retrace up in the market.

Summation index daily STOCHASTIC is rolling over from a high and VXX daily MACD is TURNING UP. The VXX MACD needs to cross upwards over the daily signal line in order to process a turn signal near that event. The market is likely setting up for a larger decline than this week's attempt which probably will begin in the current price zone upper range or higher. It is not required to go higher of course. It could begin to decline once the other criteria are in place. In that case wave [V] likely will be done.

The UPPER chart shows the large degree progress regarding weekly closing breadth for an estimate on a terminal top to arrive later. A minimum 'tail-down' on the 50 ma exists at the 325 level. The average target level is at 260. Current intra-week shows level 344 so there is quite a bit more to go.

The LOWER chart shows that the VIX has something in mind for it's future. The last print at 17.91 is for the current week and has a few more days to run before it has a final weekly print showing so it could change direction and amplitude. It could double back to retest the last low in which case the MACD could kiss the red signal line again. Patience is required.

Any sudden, large breadth or price surges up or down may require a new analysis.

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