[VIX/SPX] Volatility Ratio Microcosm Analysis: Rejected By S/R!
Updated
The white S/R here very swiftly rejected Price and sent it back well above S/R.
Also looks like a clear full green candle breakout into a new local downchannel.
Also added magenta upchannel lines, hard to tell at the microcosm level but they are there.
We have a pretty amazing UT, DT and Horizontal S/R near convergence here that again will make it particularly difficult for this ratio to get any lower without another decent spike.
As predicted yesterday, if SPX moved up VIX would have to move up as well, which it did.
We now have some room for VIX to fall a bit again if SPX does climb a tad more but we are wedging harder and harder each day.
Also looks like a clear full green candle breakout into a new local downchannel.
Also added magenta upchannel lines, hard to tell at the microcosm level but they are there.
We have a pretty amazing UT, DT and Horizontal S/R near convergence here that again will make it particularly difficult for this ratio to get any lower without another decent spike.
As predicted yesterday, if SPX moved up VIX would have to move up as well, which it did.
We now have some room for VIX to fall a bit again if SPX does climb a tad more but we are wedging harder and harder each day.
Comment
Lines held up pretty well and got a solid upward breakout!
Data analyst with a passion for best fit lines B)
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