EOD Update
The death cross is here. Will it play out this time? There are a few developments to cap off the week that favor a near term bullish move though.
1. VIX equity buy signal today. Check this out for an explanation.
2. A weekly hammer candlestick to end the week and at the bottom of this downdraft.
3. A close above the 200 week SMA that has been relevant in the past.
4. Wave count on the 15 minute has a potential bullish nested 1-2 i-ii up. IMHO I think we see a iii of 3 move up early next week.
5. The corrective wave count is pointing towards one more leg up.
And of course with all that above, this could just simply be a bear flag that ended today. I will give the bulls the edge here though.
Should we see a decent size rally over the next week, the 200 day and 50 day should be considered logical targets and resistance areas.
I'll update the larger count options over the weekend. Have a great one.
