iPath S&P 500 VIX Short-Term Futures ETN (VXX)

[DiscoverGold]

Local Bottom for VXX?
By: Mike Golembesky | October 29, 2019

Following the Elliott Wave analysis:

Yesterday the VXX bounced off of the 200% Fib extension almost on the nose, which is a good signal that we may have formed at least a local bottom.

We still have yet to see a full 5-wave move up off of the lows, however. Therefore, we don't have confirmation that we may have struck a larger degree bottom just yet.

Because it is likely that we are dealing with a diagonal down off of the 32.47 high, I have to rely more on larger degree price support and resistance levels rather than a shorter timeframe structure to help give better guidance as to where we are in the count. In this case, that price resistance level does not come in until the 21.69-22.99 zone.

So given that we do not have full 5 up off of the lows just yet, unless and until we are able to break through that zone I still have to remain somewhat cautious here.


VXX 60

Read Full Story »»»

DiscoverGold