RVX (RTY's VIX) at a Decision Point 8/23/2020
This is the RVX at the daily view.
The RVX has finally reached a decision point between the long-term wedge resistance and the supports below. Currently, the RTY is in a giant bull flag since August 3rd and doing a "correction over time."
A correction over time is actually a bearish in the very short-term, but bullish in the medium-term. Currently, the RTY is coiling up for another move up. The RVX indicates that more sideways to down movement is ahead for the RTY until the bull flag finally plays out. The RTY's bull flag is canceled out around 1460.
Currently, the bears flocked to both the NQ and the RTY. The market tends to hunt for shorts first and the the longs. Judging by how many bears have saturated the RTY, I'm expecting a small spike down first and then a rather big short covering rally.
Greed tends to punish both sides.
The RVX has finally reached a decision point between the long-term wedge resistance and the supports below. Currently, the RTY is in a giant bull flag since August 3rd and doing a "correction over time."
A correction over time is actually a bearish in the very short-term, but bullish in the medium-term. Currently, the RTY is coiling up for another move up. The RVX indicates that more sideways to down movement is ahead for the RTY until the bull flag finally plays out. The RTY's bull flag is canceled out around 1460.
Currently, the bears flocked to both the NQ and the RTY. The market tends to hunt for shorts first and the the longs. Judging by how many bears have saturated the RTY, I'm expecting a small spike down first and then a rather big short covering rally.
Greed tends to punish both sides.