I still do not think we are finished with this internal wave 4. That looks like 5 waves down to me. If you analyze the structure of the recent push up, including using the futures price movement, I really think we are in a B wave up of a running flat. and another thing....it is unusual for price to have stopped just past the .236% retracement. Something doesn't look right to me. I am personally going to try my luck with TVIX again expecting price to move up a little more by the 12th. This is the 1 hour chart. So the broken lines (Blue = 50 DMA, Burgandy = 20 week MA, and red = 100 DMA)...the 20 week and 100 day should be at approximately the .382 retracement by the 25thish. This is just my view of what's coming next. It is easy to think with such a bullish push up that we are finished with this correction. I just don't see it yet. good luck. consider everything. GL
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forgot to post my updated chart
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I think its safe to say that this went much deeper than anyone anticipated. But where are we now. This is my opinion of what we have in store. First...focus on the larger black count. I still think the cycles are good indicators of approximate bottoms. The larger cycle says we don't bottom until mid June. However, it could be early June. Time will tell. But I do think we have a large time consuming 4th wave about to start.
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zoomed in...this is where it gets difficult. I have two wave count ideas that I am watching. The first is the pink count. If that is the count then we are currently in an ending diagnol smaller degree 5th. The problem that I personally have with this count is that one of my smaller cycles ends arounf March 31st and the ending diagnol seems to be ready to end too soon. SO, I am leaning with the blue count. This blue count suggests that we are currently in an expanding flat, and tomorrow should start wave 3 up to reach the blue 4. That would work out nicely with the cycle. However....this market doesnt like to play nice lately. Tomorrow will hopefully anser a lot for me. I personally want the expanding flat because it allows for bigger swing moves and a lot more money to be made. good luck
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bummed but it looks to me like the Blue count is out...
here is my update
here is my update
Another thing to look at. If you zoom out, you will notice that the move down in late January ended just past the .236% Fib which is unusual and also that move alone looks to small to be all there is to a wave 4. We shall see. GL