For the set-up next week we are dropping down to a 2-hour time frame as we crossed thresholds using other analysis tools so managing your trades will be a little different next week. If you are following this work you should be 'net' flat going into next week. If you are long apply tight trailing stops. The VVIX closed at 95.53 which I consider a 'neutral' read, but the bias is still to the downside unless we clear 2456 so keep those trailing stops running. If you are holding a short position we need to see 2435 taken out in a meaningful way on Monday or Tuesday to validate holding that short position. If we take a dip under that level watch for a bull defense at 2417 and if we somehow push through that check back to this page for an update analysis on the 2405 'sling-shot' line as that is a very important level.
Trade safe and do your homework!
Trade safe and do your homework!
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The EOD summary and 8/28 setup video has been posted in my profile status
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Snapshot 15 minutes into the open of trade
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we might be making a pinecone on the lower inertial line. watch carefully for possible completion
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returned back to upper inertial line EOD
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EOD update video has been posted in my profile status
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So the trading today completed a missile inspired roller-coaster ride taking us all the way back to where we ended on Monday. So we can say it was a boomerang. The important thing to note is we did take out the 35.6 level then bounced all the way back to the top of the trend channel. This chart expires at the end of the week and it just amazes me that we have been chopping in this range for so long.
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Trade closed: stop reached
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