Silver still looks like it could correct some more as I don't see a 3 sub-waves for wave C. However, could be a running flat and ready to take off again.
Has gold ended its corrective wave and looking to make move up or is there more correction to come?
If I did the patterns correct, then it is a rising wedge inside a bearish megaphone pattern. Also, not that the minor wave has hit is 1.6 fib level, which is another indicator that a correction is coming. The MACD is also so signs of reversal.
Clear that the NASDAQ is struggling after such a massive rally. Doing a lot of small corrections. Looks like a possible small megaphone inside a larger megaphone. The current wave is also at its 1.6 level, so a correction should be expected. This would support my TA of S&P 500 and its bearish outlook for today.
To early to have the latest VX data for the day. However, looking at S&P and NASDAQ outlook for today I am going to say we get a good move to the upside today above the resistance line. If so, then this could setup a new support line and may indicate that VIX is looking for a larger break out later in the week.
See chart for details. There is no such thing as a V shaped recover. Corrections always have a drop, up, and a second drop. It is all a matter of timescale. I find it very useful to identify waves using a support trend line. A corrective wave always breaks the trend line. It just depend on what time scale you are looking at.
The VIX managed to stay above its major resistance level for the entire day to day. That is a very bearish signal that it is ready to make a move. I would assume it may be a large move to the upside given the major trend line, wedge pattern, and major resistance line from February. Too many things in one spot.
Looks like the MACD suggest we have a mid-day push, maybe until 2pm. Then will we see a sharp correction at the end of the day?
Note that it is above the resistance for 3 hours now. Unlike the one hour candle earlier. Is it going to hold and we could see a afternoon jump?
Waves are very clear on chart, but is the market in correction? The weak rebound to the 1.5 fib ext level has me thinking correction. In addition, the rising wedge pattern is usually a bearish pattern. I also think that there are lest two major factors to support this. 1) End of summer travel for vacations will curb fuel usage. 2) Lack of schools returning in...
Patterns in NASDAQ are bearish and same here in S&P. S&P needs big tech if it wants a new ATH.
Has the NASDAQ finally run out of steam? I doubt it will go without a fight, but all patterns I see in the chart look bearish.
See chart for details. Looks like the VXX is about to make a move in the next day or so.
Basic 1D waves and trend lines. If the S&P 500 is going to make a new ATH this week, then it is going to need the NASADAQ to do it. Big tech has held the S&P up this long, so while not a while longer.
Simple 1D waves and trend lines. To much FOMO to stop the S&P. Market wants ATH.
Two pennant patterns converging in the same area for VIX. What does it mean?