On the previous setup idea, only the first part has played out. However, the index has respected the various fib golden ratios. Hence, we will stick to them as added confluence. I will also look at a 6-year VIX chart to couple this chart.
On the VIX chart, we can see that the price is currently at a significant zone. May, late Sep, Oct, and December usually have reversal price actions on the VIX. This would signal a change in direction or an amplification of the current movement (10 resistance vs 5 bulls).
What does this all mean to me?
A: Inflationary pressure on the economies is still not over but is being taken into account slowly (Feds are playing catchup). There is still a big disparity between the money in circulation vs economic performance and the Fear & Greed index is at a low.
So one needs to proceed with caution going into October or December. One would rather consider buying when most are selling. That's what I will be doing. Remember your risk management is key.
On the VIX chart, we can see that the price is currently at a significant zone. May, late Sep, Oct, and December usually have reversal price actions on the VIX. This would signal a change in direction or an amplification of the current movement (10 resistance vs 5 bulls).
What does this all mean to me?
A: Inflationary pressure on the economies is still not over but is being taken into account slowly (Feds are playing catchup). There is still a big disparity between the money in circulation vs economic performance and the Fear & Greed index is at a low.
So one needs to proceed with caution going into October or December. One would rather consider buying when most are selling. That's what I will be doing. Remember your risk management is key.
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