Another possible Head & Shoulder
Looks like the market wants to go up. Is it going to last? I don’t know, but from what I can see on VXX , the pain is not yet over.
Basically, if this materialize, the market could go higher for the next 2-3 days, then making the right shoulder would bring it lower. Pretty much flat for the next few days until next week, then we could see more movement on either side.
I’m a little bit late imo to trade the head drop in VXX at this time. I prefer to wait and trade the right shoulder both sides.
*Keep in mind that the last in VXX did not sell, so better to wait for clear movement.
With the rally we got after the Fed speech, i think it is most likely that VXX drop further, around 34, and make a smaller right shoulder. Anyway, pure speculation at this point. I'm gonna update once we have a reversal or cancel.
Have a good evening,
This is it; this was a small shoulder...