This is my current forecast for the Merval index. I'm looking at a new leg down, to retest the Vix spike retracement support level cluster below. I propose a wide stop long off the level below, but we could also take a short term short as depicted on chart and unwind and flip long. You can check my previous forecast in the related ideas below. I'm republishing with the original projection so you can see how it fared. Not bad, huh?
Cheers,
Ivan Labrie.
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We might not test the support below.
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Blasted through resistance and following the projected uptrend path for now, it might make a lower high and swing for a lower low still though.
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Merval hit the vix spike resistance level, let's see how low it goes.
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Retracement started, I'd hold off on further longs for now.
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Merval has broken the resistance above (Vix retracement level). It'd be interesting to see if it doesn't fall with everything else next week.
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Merval keeps grinding up on a weakening peso.
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Consolidating here is good, we might see more upside from this zone.
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Resistance and also the projected target from the low was hit. It's possible to see a deep retracement now.
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This might be a good exit for longs. At least trail stops in profit if you're in it. 13053 is a good idea.