Note
I hold to my belief that we're in a corrective wave (in market) and the next drop appears due somewhere in Nov.. I think it's going to creep up to the edge and then absolutely TANK. I think it will at least take out the August low and bottom for another rally through Christmas. My goal is to focus on these larger moves and not get distracted with fake news, lies, deceit, manipulation. This market is headed for a deeper correction and the VIX is going to show everyone what's up Note
an interesting divergence on vix-daily candles. It's a bearish divergence but look at the height potential of the next possible move if it plays out again. A freak spike could satisfy this divergence again. This somewhat supports my negative outlook for market going into Nov.. potential large quick move without warning Note
Let's see if we can get some traction here soon. Next target for me is (D). I was never convinced we reached it. Renko blocks clean up the noise some but I've learned not to trust angled trends too much on longer term renko charts as the trend angle is actually different than regular candlestick charts. I think we'll get a rather quick drop in the market over the coming weeks that could cause this (D) move in the vix. By the time the bears pile back into the market, it'll most likely gain traction again and we'll have this grind (like we're experiencing now) again that squeezes them (again). Another important lesson I've learned on these descending triangles- (E) doesn't necessarily have to be reached. It can blow through (D) or retrace only part of the way back down to (E).. so it's not a bad idea to play this patiently but position for a long haul trade to ease into.
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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.