Good day folks,
Pretty simple setup, VXX made a double-top. The second one was a head and shoulders that seems to be completed (see my previous chart for more info).
I’m not a big fan of shorting volatility as I feel it brings bad karma lol. Being long the indexes is basically the same for those who also feel the same.
I put 2 targets as we cannot know yet if the neckline of the double-top will hold or not. And it could also rebound for a few days.
Target 1 at neckline or 32.00 (cash and wait);
Target 2 at support or 26.00.
If this pattern works out, the indexes are in for some serious gains.
Have a nice weekend,
Pretty simple setup, VXX made a double-top. The second one was a head and shoulders that seems to be completed (see my previous chart for more info).
I’m not a big fan of shorting volatility as I feel it brings bad karma lol. Being long the indexes is basically the same for those who also feel the same.
I put 2 targets as we cannot know yet if the neckline of the double-top will hold or not. And it could also rebound for a few days.
Target 1 at neckline or 32.00 (cash and wait);
Target 2 at support or 26.00.
If this pattern works out, the indexes are in for some serious gains.
Have a nice weekend,
Note
Huge gap this morning that brings us to target 1 being reached!Note
Big selloff in the indexes today. I was expecting some selling as they were overbought, but geez that was a serious drop. Anyway, i closed yesterday around 32 as planned, so im safe. There is no sign of reversal yet, and the market are closed tomorrow. It should take a good day for the market to settle. I'm gonna update once i get back in the trade or cancel it due to continued selling. Have a good day,Order cancelled
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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.