Going over VIX, every spike has called the bottoms and every bullish engulfing at the bottoms has called the tops
Because we now have experienced both a bearish engulfing on the Daily chart on Dow in conjunction with a bullish engulfing on VIX, I believe the top is in.
Further evidence is the gap on VIX daily that needs to be filled.
Once VIX spikes and the market starts it's down move, the break of the trendline will mark the bottom for the Long move back up. Estimated September 23rd.
I don't know how far it will go down to. I am looking at 39,150 for the mitigation of the bottom range and the trendline bottom.
Because we now have experienced both a bearish engulfing on the Daily chart on Dow in conjunction with a bullish engulfing on VIX, I believe the top is in.
Further evidence is the gap on VIX daily that needs to be filled.
Once VIX spikes and the market starts it's down move, the break of the trendline will mark the bottom for the Long move back up. Estimated September 23rd.
I don't know how far it will go down to. I am looking at 39,150 for the mitigation of the bottom range and the trendline bottom.
Note
Another clue is every time a gap forms down near the bottom of the range, the bottom is close by. The bottom is usually in the next day or two.I will be looking for a gap in September down near the bottom of the range and VIX spike for a bottom.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.