Retest+Blow-off exhaustive move lower on High volue+ VIX going nowhere on the move down+ reversal price action for 2 days following = High probability Reversal Point
Easy money to down trendline. If we break that, we will look back at a great long-term entry point.
Please see further notes in previous idea that explain set up.
June Low Re-test Set Up:
Consolidation under the June Low:
Exhaustion selling on Friday- Marked with a flat VIX and a reversal price action today.
Easy Money to test down-trend, longer term entry's will begin post-trendline break.
Confirmation of Major Market Bottom: Clean Bottom in June plus a retest today that corresponds with extremely oversold conditions by most metrics, Tech @ Long-Term Support & Rates and USD extremely overbought-
June Bottom- Volume Spike @ low of positive px action on the SPX, with the VIX vol Spike on Negative Px action- Both confirmed with follow thru px action...
