VIX: Potentially in Wave 4 Correction then Wave 5 ATH
Just a short idea for today folks.
It appears VIX is in a corrective wave 4 down to the low 50s (which we hit today) and it appears it will make its final wave 5 over a period of time. How fast or slow this happens remains to be seen, however, from the voraciousness of buying and selling in the market, it should happen sooner than later.
VIX likely bottomed near-term today (technically hit 36 but that was a spoof; in reality it hit the low 50s). I suspect this corrective wait should find major support around the 50 level.
Based on additional bull/bear profiles and sentiment, this is UNLIKELY to be the bottom in the markets and I recommend people only scalp and swing-trade. If you do enter longs, be prepared to lose an additional 10-15% and only buy longs on stocks you want to buy all dips from these levels.
It is likely the SPX finds overall support (i.e. support where rallies aren't sold to new lows) somewhere around 1800.
- zSplit
*Please Note*
Due to a large number of new accounts trolling peoples ideas I am no longer responding to comments or questions on my ideas. However if you any questions or concerns, feel free to message me and I will take the time to answer all inquiries.
It appears VIX is in a corrective wave 4 down to the low 50s (which we hit today) and it appears it will make its final wave 5 over a period of time. How fast or slow this happens remains to be seen, however, from the voraciousness of buying and selling in the market, it should happen sooner than later.
VIX likely bottomed near-term today (technically hit 36 but that was a spoof; in reality it hit the low 50s). I suspect this corrective wait should find major support around the 50 level.
Based on additional bull/bear profiles and sentiment, this is UNLIKELY to be the bottom in the markets and I recommend people only scalp and swing-trade. If you do enter longs, be prepared to lose an additional 10-15% and only buy longs on stocks you want to buy all dips from these levels.
It is likely the SPX finds overall support (i.e. support where rallies aren't sold to new lows) somewhere around 1800.
- zSplit
*Please Note*
Due to a large number of new accounts trolling peoples ideas I am no longer responding to comments or questions on my ideas. However if you any questions or concerns, feel free to message me and I will take the time to answer all inquiries.