This a VIX index play and look up the VIX if you don't understand it. Basically it's playing the market fear on a bear correction. I'm thinking Tuesday will exhaust any bull market activity then a market correction will continue. I also think this will head towards the 1.681 fib area. My plan after that is to take some decently sold quality stocks bull for 3 days till they hit their 10ema on the bull side. Like an Nvidia quality.
Gold should rally bull with the market correction for further confirmation.
This is a high risk play and know how quickly this could turn negative.
Good trade ideas can go differently than forecasted and it's your job to know what to do next. This idea isn't investment advise and you need to manage your own trades.
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Markets may make a double top just to think up more routes. Adjust this idea as needed.
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Maybe another down move for the VIX in the near term. I took on position and will buy more on a decline.
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bit concerned that markets could make one more bounce on friday that would drop the VIX a lot
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I expect a pull back then resume upward VIX. This target needs to be lowered near the 29.50ish area.
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Gold is a dud.
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I sold today. I think oil will go bull and the markets will also a little bit. I don't think this idea is broken, but I see some pullback.
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Markets are still fluffy and we may get some action on Friday. Could make for a good day trade.
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I grabbed shares. The S&P500 finally closed a 1 hour candle under the 10 ema (bear). See what happens.....