I think we're getting really close to a large spike in volatility.
I think it's likely that vol will continue to fall into next week (and potentially a big longer into November), and if we can get down to the $8-$8.50 region, that there's strong support there and that could trigger a reversal.
SPY is almost to my upper levels of $709-716, and if we can see a push up there and a drop down to the support levels in UVIX that should trigger a reversal on both charts.
I do think the spike in volatility will be strong.
The most probable levels on the chart for a spike to find resistance in is $110-117, which would be a spike of 1100%-1200% or so if you were to catch the move entirely, and of course if the idea plays out.
I've also marked other resistance levels, should we get a smaller spike.
Could be the best trade of the year if it comes to fruition. Going to be watching the chart over the next week or so and will likely bid those levels with some calls for a trade.
I think it's likely that vol will continue to fall into next week (and potentially a big longer into November), and if we can get down to the $8-$8.50 region, that there's strong support there and that could trigger a reversal.
SPY is almost to my upper levels of $709-716, and if we can see a push up there and a drop down to the support levels in UVIX that should trigger a reversal on both charts.
I do think the spike in volatility will be strong.
The most probable levels on the chart for a spike to find resistance in is $110-117, which would be a spike of 1100%-1200% or so if you were to catch the move entirely, and of course if the idea plays out.
I've also marked other resistance levels, should we get a smaller spike.
Could be the best trade of the year if it comes to fruition. Going to be watching the chart over the next week or so and will likely bid those levels with some calls for a trade.
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