Some flavor of a turn signal [up or down] could be expected to print other than the -360% [oversold extreme] capitulation in VXX on 2/2/22 and the +120% [elevated overbought] in the same instrument yesterday 2/3/22.
Looks very much like the original 2/3/22 +/-1 target for a retrace high date [2/2/22 actual] did print correctly near-term. This is a larger structure than 5/14/21 [comparison fractal] so more attempts could still happen at a second higher retrace target around 2/9/22 +/-1. The expected ES 0.76 retrace target did not hit this time in ES although the 0.62 did which leaves gaps likely to be filled later as ES reaches the top of the diamond pattern sometime going forward. There are high and low target dates further out being looked at. Short term developments seem to be aligning as expected as far as dates.
Since the 0.76 retrace target fell short as did the low pullback in volatility instruments VXX and UVXY, that opens the possibility of a deeper apex bottom on the diamond before the next move back up. That would also give the diamond a more severe and negatively inclined aspect to the pattern if it doesn't morph into some other structure [statistically there is a 33% chance of that happening]. Many options remain so patience is required.
Flags will be posted here when a top is detected. (1/25/20, 2/20/20)
Looks very much like the original 2/3/22 +/-1 target for a retrace high date [2/2/22 actual] did print correctly near-term. This is a larger structure than 5/14/21 [comparison fractal] so more attempts could still happen at a second higher retrace target around 2/9/22 +/-1. The expected ES 0.76 retrace target did not hit this time in ES although the 0.62 did which leaves gaps likely to be filled later as ES reaches the top of the diamond pattern sometime going forward. There are high and low target dates further out being looked at. Short term developments seem to be aligning as expected as far as dates.
Since the 0.76 retrace target fell short as did the low pullback in volatility instruments VXX and UVXY, that opens the possibility of a deeper apex bottom on the diamond before the next move back up. That would also give the diamond a more severe and negatively inclined aspect to the pattern if it doesn't morph into some other structure [statistically there is a 33% chance of that happening]. Many options remain so patience is required.
Flags will be posted here when a top is detected. (1/25/20, 2/20/20)
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