A large head and shoulders pattern has formed. After completing the head, SVXY bounced at the double support with neckline and middle support as shown.
The Right shoulder is underway...
Daily
Before: April 12, 2019 analysis
Daily
Friday, May 17, 2019
SVXY - Large Head and Shoulders Formation
SVXY continues to be extremely weak. The rally failed at the timing predicted with the white lines.
A large head and shoulders pattern has formed. After completing the head, SVXY bounced at the double support with neckline and middle support as shown.
The Right shoulder is underway...
Daily
Before: April 12, 2019 analysis
Daily
A large head and shoulders pattern has formed. After completing the head, SVXY bounced at the double support with neckline and middle support as shown.
The Right shoulder is underway...
Daily
Before: April 12, 2019 analysis
Daily
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Give the SVXY a little time here to finish the Right shoulder. The Left shoulder was choppy as well.
ReplyDeleteI think the odds are quite good with this bearish pattern confirming.
UVXY could settle down a little more, but the target is around $55 so it already looks quite attractive.
ReplyDeleteso we are looking for 30 uvxy to go long
DeleteUVXY could see the gap $31.50 to $33.60 tested or filled.
Deletewhat are you saying we are gonna drop here?
ReplyDeleteSPX probably rise a little more next on this bounce. It was due for a bounce. Yes it likely will see 2,900 and above, but there is a lot of downside.
DeleteBest to focus on shorting, and spiking volatility. SVXY is very weak and fortelling of selloff ahead.
Charts coming for SPX also...
ReplyDeleteok thanx
DeleteA little patience, excellent short setup developing here...
ReplyDeleteso SVXY $44 by July?
ReplyDeleteYes, very bearish etf.
Deletewe not looking for a rally to July High anymore
DeleteFor 2019 July has always looked to be important timing. It's looking more likely a low. Sometimes it's hard to tell because the drops happens quickly and the high and low are close together.
DeleteSPX still 2710 target for the next low?
DeleteYes
Deletethx, when do you see it finish r shoulder?
ReplyDeleteThe whole process could take a couple weeks, there will be chop, maybe a false start.
DeleteAnother thing to keep in mind, often the right shoulder takes less time than the left.
is this more about timing wise or price, if price is hit within few days do we still need to wait for 2 weeks?
DeleteIt still looks like we are in the early stage of forming the shoulder. It should finish in June. We've already done close in price but not in time.
DeleteSVXY sinks, down three weeks in a row.
ReplyDeleteSC, u get in UVXY already?
Deleteread too fast, thought u said down 3 weeks next
DeleteMight make it to 2783. But also look for 2932 sooner rather than later.
ReplyDeleteBought UVXY $37.
ReplyDeleteso target $55 by 24th?
Deleteguess $55 more like in June, how high u think by the 24th?
DeleteYes that's my thinking as well. $48 next level to watch.
DeleteLower low probable for SPX this week. Remember our model predicts a low this week by May 24th.
ReplyDeleteThere it goes accelerating lower...
ReplyDeleteI can'tt even tell you how big my short is cause its friggin huge
DeleteWere is acceleration must be a slow car
DeleteI think we need a little more evidence of a top here
ReplyDeleteSC, we need you to call another 1000 down day
ReplyDeleteVIX UVXY clearly lagging today
ReplyDeletelets get another 1000 down day!
ReplyDeleteIt's going to happen, and soon!
Deletewhats your time frame?
DeleteNew charts posted!
ReplyDelete