Long
VXXB- Continued from VXX chart 3 days ago. SPY SPX still in Bear
A few days ago, a chart showing the expected drop in VXX into the buy zone hit target buy zone perfectly! (Remember the VXX has been changed to VXXB) I'm long on VXXB.
The story for the Bear market continues. Although most traders are hugely bullish, the VXXB disagrees and is still in the OFP channel (dark green) with an upward slope. Remember the VXXB usually moves opposite of the market. So an upward sloping VXXB means the SPY SPX is in a downward trend!
The use of the VXXB points out the market highs in a zone, usually with in a few days or less of the actual price.
Recently we hit the little (red) Bat pattern which gave us a nice buy point. Now we simply ride the VXXB up in the trend until we see the reaction line break (red line shown).
Of note since this is the start of an anticipated 5th wave up, we may see the green Buy Line "bumped a few times, as it might widen the channel a bit.
Please look at the proposed black channel. This may be the actual slower upward move to the "finish Line" near the bigger (Pink) Bat Pattern completion around 50.13. Sometime in late March 2019?
Old Fart thoughts... Still in a bear market!
- Gotta go now, "Nurse Diesel" is after me again :)
The story for the Bear market continues. Although most traders are hugely bullish, the VXXB disagrees and is still in the OFP channel (dark green) with an upward slope. Remember the VXXB usually moves opposite of the market. So an upward sloping VXXB means the SPY SPX is in a downward trend!
The use of the VXXB points out the market highs in a zone, usually with in a few days or less of the actual price.
Recently we hit the little (red) Bat pattern which gave us a nice buy point. Now we simply ride the VXXB up in the trend until we see the reaction line break (red line shown).
Of note since this is the start of an anticipated 5th wave up, we may see the green Buy Line "bumped a few times, as it might widen the channel a bit.
Please look at the proposed black channel. This may be the actual slower upward move to the "finish Line" near the bigger (Pink) Bat Pattern completion around 50.13. Sometime in late March 2019?
Old Fart thoughts... Still in a bear market!
- Gotta go now, "Nurse Diesel" is after me again :)
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.