VXX - Butterfly Pattern broke. Now looking for Bat Pattern
Uh OH! The butterfly pattern was broke this morning. (note the red X )
Is the long term bullish VXX trade dead? Nah!,
I still think that we will see the bullish move up in VXX. The harmonic patterns simply "evolve". The next high probability turn expected is the completion of the Bat Pattern at the Pesky Gap! shown and the green Buy Zone along the (pink) dashed line.
On this deep retracement, we need to be careful and watch the low pointed out in the red and yellow note. That point voids these patterns.
I am still bullish on VXX and Bearish on SPY
Is the long term bullish VXX trade dead? Nah!,
I still think that we will see the bullish move up in VXX. The harmonic patterns simply "evolve". The next high probability turn expected is the completion of the Bat Pattern at the Pesky Gap! shown and the green Buy Zone along the (pink) dashed line.
On this deep retracement, we need to be careful and watch the low pointed out in the red and yellow note. That point voids these patterns.
I am still bullish on VXX and Bearish on SPY