iPath Series B S&P 500 VIX Short-Term Futures ETNArca
Description
⋅
VXX short prep time #4 didn't happen since we didn't really get to the resistances. But we have satisfied the downside target as outlined in the idea. This means, we need to start looking for the next set of resistances.
In this case, I am actually going long VXX into the 34 resistance because of how the indicator is forming higher lows, while price is just hanging around. This to me, implies bullish behaviour
Of course, at the yellow resistances, I will start initiating short positions. But in this case, I am going small size since the broader markets seem to be in a pretty interesting position
Comment
⋅
This time, I am not as confident about further downside since we could well be making a pretty longer term bottom on VXX here (the C wave down on SPX -- as in my other chart)