ProShares Trust Ultra VIX Short Term Futures ETFArca
Description
⋅
Hi All,
Tomorrow will be a very interesting market. We got strong hammer candle on VIX/full bearish red candle on the SPY. The interpretation of the two candlesticks is simple. A lot of buying activity is happened on UVXY price around 12, thanks to @JGM0706 who called $12 as a bottom months ago.
On the other side, SPY, we have a full red candle without a wick at an all-time high. This can be perceived as longs started to realize their gains/buyers exhausted their momentum. Due to the huge red candle, I'm expecting inside green bar tomorrow, or Harami pattern, which would give confirmation that probability of S&P500 heading to the south is higher.
Candle formation on UVXY/SPY tomorrow will decide market trend for at least a week.
Looking at the long road ahead, when do we see this getting back up into the high teens or even 20S ?
aparkon
⋅
@Melvin0, Yes sir, long road ahead...a lot of buyers pulled market on today.
ProfitHarvest
⋅
Tomorrow will be interesting indeed!
@BoneFunkenstein called it months ago too, @JGM0706 is a G... great work guys. Didn't expect we'd make it here but learned a lot!
White line converging with dashed blue line should mark the bottom here, $10.50 aligns with pre-COVID low lol and today was Feb gap fill day, could be great reversal point.
JGM0706
⋅
@ProfitHarvest, @aparkon - indeed! I was about to say the same: thanks for the shout-out, but I have no skills other than reading and reading and going back into people's ideas to check their accuracy and contracts against others. Every time @BoneFunkenstein post about his lines (which I still don't understand!) something happens shortly after, I think I read from him that we will most likely fill the gap from Feb ($12) and here we are :) :) :) ... it became an attractive price, but now that we have a vaccine, shouldn't we go lower? I am trying to keep in check my bear, I missed the August pike for 0.50 cents, my trade did not trigger... I am still kicking myself for it
Mr. Funkenstein here seems to have an impressive crystal ball!
We are still months away from mass produced and distributed vaccines, only 40% of Americans are comfortable with getting a coronavirus vaccine right now and we need like 70% net immunity to end it. Gonna be a long road.
JGM0706
⋅
@ProfitHarvest, I think that can be the next hurdle on the road: apparently all these months were to produce the vaccine (whether it was going to work or not, it was being produced) and prepare the logistics for its distribution, lets see if the politicians did their job for once.
BoneFunkenstein
⋅
@JGM0706, The politicians? haha we gonna act like they are in control now? They could not predict what is about to happen. Will blow your minds. And yes Trump orchestrated all of it. Hate or Love him, he set up the greatest US come back that is already in process. The whole world will benefit. Note: This does not indicate whether I PERSONALLY like or hate the man but he is a mad genius and I respect that... you have to
JGM0706
⋅
@BoneFunkenstein, always good to hear from you: but what is about to happen? You know I always carefully read your post... every time your lines cross in UVXY, something happen!
BoneFunkenstein
⋅
@JGM0706, if you take into account all of this was planned, how does your perspective change? A little or a lot?
BoneFunkenstein
⋅
@ProfitHarvest, I broke my crystal ball but human nature moves to the same mathematical rhythm. This UVXY is a leading indicator for the overall market
Here is what the SPX looks like mathematically right now