obiens

Correction roadmap: running triangle?

TVC:IXIC   NASDAQ Composite Index
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The rise to new highs after the initial drop felt eerie. I believe it was part of a correction and not an impulse wave. Low volume too. If we wish to remain in an uptrend, this pattern could save the day.
Yeah; it looks rather choppy, which plays havoc with wave count sometimes. Unfortunately, I didn’t see the bearish divergence in RSI between Jan 26 and Mar 12, otherwise I would have exited on Mar 13th/14th/15th. Ahhh...hindsight!

I had not heard the WTO news — can you share a link on it?
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obiens satertrading
@satertrading, Yes, the hindsight! Well I research trade defence measures among other things and agree with EU's trade commissioner Malmström here: the steel tariffs because of national security are disguised trade restriction and against WTO legislature. Not to mention the resent debacles. This organization has been functional for 50+ years. Trump doesn't care it seems. (http://www.dw.com/en/eu-imf-and-wto-warn-us-president-donald-trump-trade-wars-are-easy-to-lose/a-42864157) Anyway, good luck trading!
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@obiens, thanks. Yes, our president can be a bit of a “bull in a china shop”, so to speak!

Out of curiosity, what ticker do you use on TradingView to monitor VIX? I’d like to start doing that.
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obiens satertrading
@satertrading, That would be TVC:VIX. Good to try to gauge the fear in this market.
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@obiens, Grazie mille!
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Interesting chart. Looks like your pattern is still generally intact, but with a flatter bottom-line trajectory. All of the Trump-driven trade “war” over-reaction isn’t helping any, but will blow over at some point, I believe. And RSI is still at 40.36 as of 4/6/18 close...encouraging.
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obiens satertrading
@satertrading, Thanks for commenting. Yes this pattern is still what I'm trading on but a bit less confident than at the time of publishing. Can't make clear wave count on this c. Rally early next week wouldn't surprise me though looking at the VIX making lower RSI highs. As for the trade war, throwing WTO legislature out the window is very worrisome for global economic growth...
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