3:13pm EST: Likely pausing at resistance prior to a push higher. Volatility instrument UVXY has probably finished it's larger downward acceleration at about 7% above it's fib. ext. target on this leg which is how it behaved on 5/13/21 prior to a market retrace high on 5/14/21. Revisiting internal frequency calculation gives a 2/7/22 target date alternate which looks like it fits as 2/3 is printing a low event.
10:28am EST: Feeling resistance at ES 4580 zone [ 0.62 total fib retrace ]. That area was support beginning 1/10 - 1/17/21 and then became resistance. ES may well barrel it's way through to make the 2/3/22 target date for a retrace.
10:28am EST: Feeling resistance at ES 4580 zone [ 0.62 total fib retrace ]. That area was support beginning 1/10 - 1/17/21 and then became resistance. ES may well barrel it's way through to make the 2/3/22 target date for a retrace.
One momentum and one continuation signal have printed so far. Since neither is a full-on [optimum] turn signal, upside is probably limited to remain inside the diamond structure. Coming up to the 61.8% / 76% retrace zones in ES futures and the associated triangle target. Tomorrow 2/3/22 should give us a final focus if not the full retracement itself.
A lower gap in both VXX and UVXY is a likely target area in those volatility instruments. They are both approaching 90% retrace levels which is not unusual- a similar inside number occurred on 5/14/21 in a smaller leg at that time but the set up has similarities- a higher low on the resulting final decline printed on that occasion before a move higher. Note that indexes could lead/lag other instruments or be coincident with them at target date zones - either of these behaviors would be typical.
Flags will be posted here when a top is detected. (1/25/20, 2/20/20)
A lower gap in both VXX and UVXY is a likely target area in those volatility instruments. They are both approaching 90% retrace levels which is not unusual- a similar inside number occurred on 5/14/21 in a smaller leg at that time but the set up has similarities- a higher low on the resulting final decline printed on that occasion before a move higher. Note that indexes could lead/lag other instruments or be coincident with them at target date zones - either of these behaviors would be typical.
Flags will be posted here when a top is detected. (1/25/20, 2/20/20)
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