Five Little Piggies
I am now counting five waves to the downside – very clean – probably should have expected that. Teaches me not to be too hasty going forward – the season has changed:
The VIX was scraping 24 there for a little while – there will be pushback by the bulls. If you look at all prior VIX buy signals you realize that they all were preceded by some early morning flush before the dip vultures swarmed in. This time won’t be any different it seems.
The chart above shows what I’m seeing ahead for today – which is a little upside retracement before we continue downward. 1127 and 1135 are decent levels too add to your short positions. Anyway, I have an important appointment this morning and need to rush out. Be strong rats and stay nimble – the party has only just begun.