Weekly Chart from COVID Highs
Zoomed-In Weekly Chart
- Weekly Chart has yet to break out the trend line (green bar) from COVID Highs
- The bottom appears to be getting tight and has consolidated sideways for weeks
- June - September 2023 the chart was basing which rallied 10 points in the end of September
- The base in June - Sept was not as tight as the chart is showing now
- This is even with
SPY continuing to increase but VIX holding it's range (KEY) - Weekly chart showing a rounding bottom
Zoomed-In Weekly Chart
- First we would like to see the weekly break the short term white trend line
- To break to the upside into the green downtrend line from COVID Highs we would need VIX weekly to break through and close above $15.75
- High chance if it breaks $15.75 we will hit the top line of the downtrend which the price will depend on when this break will happen
- We could see highs of
VIX to $17-$18 if breaks $15.75
Note
Chart broke out and tapped off of green trend line top. Will see what the end of week plays out to see if its a push or simply what it did prior. Or even a fake breakout
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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.