VIX has very nearly reached the channel mid-line, Inverse H&S and Crab pattern targets I posted back on April 18 [see: VIX at a Crossroads], though we’re 2 days behind schedule. Our IHS target was 28.10 and the Crab pattern target was 27.12, expected to occur on May 30.) Friday’s high was a very close … continue reading →
Fridays before a holiday weekend have a tradition of being very, very quiet. Today seems to be no exception. Unless something weird happens, we’re aiming for a close around 1323, up a few points.
Other completed H&S patterns: RUT, NYA, COMP, NDX … continue reading →
Maybe it should read “be put away in May?” It occurred to me over the weekend that Friday’s posts probably sounded a little schizophrenic. “Next Stop 1462?” does seem a little out of step with “VIX Ready to Rumble.” Is it me, or is the market perhaps a little schizophrenic? This morning’s drop does little … continue reading →
Back on the 18th [see: VIX at a Crossroads] we charted VIX’s future, observing that it had fashioned a perfectly good falling wedge into a downward sloping channel. We talked about how a drop to 16 would be the ideal level for an Inverse H&S pattern to develop. Guess what? It’s interesting that VIX is … continue reading →
Where there was once a falling wedge, there is now a channel. The April 10 breakout that looked so promising completed a Bat pattern and promptly reversed nearly 61.8% of the move from the 13.66 bottom. Is this the end of the ride, or are there bigger and better things in store for VIX? I … continue reading →
EOD: 2:25 AM SPX overshot the Crab’s 1.618, whichever Point X we use. The next major lines of harmonic support are are the red pattern’s 2.24 at 1342, correlating with the purple pattern’s 2.618 at 1341. Given the level of oversold on the day, here’s an alternative view. UPDATE: 11:55 AM The Crab Pattern … continue reading →