As expected, the upward move has occured and will most likely fail at a level of 4560, which is a resistance level in the RENKO chart as well as in the weekly and daily Fib-Extension levels (shown as a yellow bar). From a cyclical perspective we enter a period of high risk of a deeper reversal (shaded in yellow) and a weak market until mid of October 2023.
As VIX has moved to very low levels we can wager a bet on a rising VIX and falling Nasdaq/S&P500. The Russel 2000 is not looking so weak cyclically eventually, considering as well that it lost already a lot of value relatively to Nasdaq and S&P500.
This is becoming a very interesting period for trading - Good Luck !
As VIX has moved to very low levels we can wager a bet on a rising VIX and falling Nasdaq/S&P500. The Russel 2000 is not looking so weak cyclically eventually, considering as well that it lost already a lot of value relatively to Nasdaq and S&P500.
This is becoming a very interesting period for trading - Good Luck !