Monday, August 30, 2010

08/30/10 update

The VIX daily bounced beautifully off the 20MA. It looks like it will push against the upper BB for a possible extended wave v.
VIX:VXV repositioned itself for launch again, moving above the red dotted line.
The BPSPX:CPC has curled over nicely on the 20MA. Everything is point to a move down over the next few weeks.

Short update as I don't have the use of my regular computer. Today was a little confusing as I thought we were in a B wave of minuette IV. But towards the end of the day the sell off started accelerating. Now its left till tomorrow to see what the true direction is. A gap down is not likely to be filled. Today's move down was on low volume, as we are in a down trend this signals continuation. Don't expect the move down to end until we have a high volume day.
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