iPath Series B S&P 500 VIX Short-Term Futures ETNArca
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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,
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Huge gap this morning that brings us to target 1 being reached!
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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,