The market made a really nice broadening wedge Friday, but we're at major resistance. The market needs to pull back here to cool off and bring more buyers in. VXX is printing hollow red weekly candles which means she's about the blow up again. She's been primed and ready for a breakout for the past two weeks.
Note
Turn around Tuesday. Incoming. Gap down 407 by morning if no hard sell-off at close.Note
Target 403 TuesdayNote
Spy Target 340-350 by Sept/Oct.Note
Bulls are putting up a good fight. Unfortunately, the price action is aggressively bearish until we hit 406. I suspect we'll see a pop there tomorrow.Note
Let's see how this breaks dowh. If the price action stays inside of the cypher that's fairly bullish once we hit 402 or so. Bears really wanna see this thin pull back hard to that first red dip, that would inspire a very bearish h&s image with a steep wall to climb, the market will drawdown rapidly to the next line of support 38% retrace (388). Again, volume profile shows strong support between 388 and 372. But if she falls aggressively, I imagine this would motivate some bears who bought the 'bottom' to take profits. A break below the 50% is going to trigger a sell off to new market lows.Disclaimer
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.