The same signal which gave a daily buy back in March is now on a triple divergence sell. Some rough IT targets for this decline at this point is around SPX 1450-1460. Will refine it, as we move forward. The NYSE MCO has created a new flag, which means the internal low is probably in and the price low in the form of a lower low is pending. If that lower low on price creates a positive divergence with the MCO, then we should expect another leg-up towards new recovery highs. But it's too early to speculate on that. As for a "V" bottom here, i am not a beleiver. In any case, "V" bottoms have 20% odds as opposed to 80% odds for a retest. So i am positioning myself for a retest.
VST chart
The Full Stochastic on the 60-min chart is fully overbought and is turning down. The EMAs are on the verge of a backkiss. The 60-min CCI diverged and has turned down. So the odds that the bounce from Friday is over, looks very high.
To what extent, if any, has the Friday expiry affected your signals? Just wondering if that is part of your game plan. Thanks
ReplyDeleteJim,
ReplyDeleteI don't publish my VST analysis on this blog. It's mainly for ST and IT timeframe analysis. When i see some important turning points, i publish here. If you are interested in my VST analysis and trading, i post them on traders-talk.com under the name NAV
BTW, from a VST perspective, yesterday was most likely a secondary top of this correction and we should soon start heading into SPX 1450-60 area.
ReplyDelete