The last few days has been fun, with lots of targets being tagged and more on the way. We’ll start this morning with VIX, which is one good spurt away from our 13.93 target — a nice 49% gain from 9.33. From Jan 10 [China: It’s Not Me, It’s You]:
VIX jumped up and tagged its SMA200. For those still sitting with a long position at 9.33, this is the easy money — a second chance for those who wished they’d sold last week. For diehard bears, the most likely upside target is 13.93 (ideally Wednesday, Jan 17) with a reach target of 16.13.
If it’s reached, it probably means ES is about to give up its overnight gains, potentially to find its way to the SMA10 at 2755 (almost exactly an A=C corrective wave.)That, of course, will depend on DXY continuing its drop to 88.68, CL and RB running out of steam, and USDJPY breaking down. But, all in all, it’s shaping up as a rare good week for the bears.
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