My thoughts are on the 3-black crows forming on the weekly VIX:
stockcharts.com[g,a]waclynay[df][pb10!b20!d20,2!a42.78!f][iLh5,5!Li10,10!Lp14,3,3!Lb14!La12,26,9][J8350348,Y]&pref=G
For the big "C" junkies, the action in the VIX points to a top within the next couple of weeks if we are still pointed up. The fast stochs as shown on the above VIX chart have pinpointed the SPX tops pretty well in the past couple of years.
Furthermore, the position the fast stochs are in on the weekly VIX has yielded an average of between 4.5-6.5% roughly in price appreciation on the SPX if it bottomed at the line shown.
Of course, this is on the weekly chart, so where the target is depends on how we finish the week. However, it appears to be pointing to between 930 and 940 on the SPX. That doesn't appear to work well with e-wave targets, but we could be looking at a double top or something. |
