EOD: Price did bounce off the fib target 4711 and is testing the center of the expanding triangle. Breadth closed in deep negative weekly territory again. Probably nearing a mid-size corrective to create energy for new highs and to shake more than a few out of position. Now into the time window expectation for an event- first draft: 11/5 through 11/9 and VXX has printed a second higher daily black candle off a new low but no turn signal print just yet. Note- that the small expanding triangle also has a fib projection to ES 4711 from it's take off 0-50%-100% [4711]. The higher targets remain until a turn signal prints.
Updated 1200pm EST: If a c-d leg is printing, it could move quickly to the lower trend line.
2:25pm EST: The center line of the expanding triangle could offer support/resistance.
Updated 1200pm EST: If a c-d leg is printing, it could move quickly to the lower trend line.
Most likely an ending diagonal. VIX is barely making new local lows and none [intra-day] since 6/29/21. Breadth negative divergence has not been seen like this as far as the length of time at such low levels- not a good sign.
The bots will flag here when they see a top. (1/25/20, 2/20/20)
This Information Is For Entertainment Purposes Only. Financial Loss Can Occur From Investing.
Our favorite go to site- McVerry Report
No comments:
Post a Comment