The SP 500 is currently undergoing Parabolic Wedge. Parabolic Wedge in Price Action always ends badly.
1. In Daily chart, the bull keeps buying the every pullback. There are no sign of reversal
2. In Monthly and Weekly chart, it is a Parabolic wedge
3. Always Long, Scalping only.
4. The Bulls are hoping for a bearish reversal at least 5% - 10% correction. It never happens.
5. The market breaks out to the previous high every single week or twice a week.
Kommentar
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6. There are massive short on the VIX trade. The last time it happens, it happens in 2008. Trader expects to double or triple their money based on shorting the VIX.
Hi....thanks.....do you also have a view what stage we are at on sp500 ? Also any limit or target ? Thanks
peterchung16
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@sk12722, No, because there are no sign of reversal. Until there is evidence of a reversal. There is no measured move.
sk12722
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@peterchung16, thanks... appreciate your views.....also whenever the correction starts what's the extent of retracement of a parabolic wedge ?
peterchung16
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@sk12722, I do not know. Nobody does. If you want me to guess, it should be at least 20%, because there are massive short volume betting against VIX future. Wall st don't lose money. Just read the COT report and history bet against vix.