I would love a retrace to take another long on XIV (short volatility). Price has continued higher than the 61.8% extension where I'd expected i of 3 to top. This despite S&P trading sideways. My price targets for wave 3 may actually be too low as wave 1 stretched beyond my initial targets (note 376.4% extension reached vs 200-261.8% expected).
Nice! Please keep us updated on ii targets and when i wave will be reached. Thanks.
tradingviewfox
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Thanks a lot. Could you please update this one?
nick.holland78
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Could be that the heart of a 3rd is underway, but my take on the indices suggests another dip down to complete minute ii of 3. The patterns don't have to match exactly of course, but my presumption would be an expanded flat, perhaps even an running flat, on XIV. My target box was hit, just a bit later than I'd projected after this summer's chop-chop. Perhaps I'll update the indices along with XIV as new ideas soon.
tradingviewfox
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Thanks, Nick
tradingviewfox
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Do you think which one have more possibility for green one or white one?
nick.holland78
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Gonna have to study it closer. Support/resistance will be the key. I don't have a trade on XIV right now. Day job also demanding attention. Will update later.
I did post my current 1-hr SPY on the other idea thread.
nick.holland78
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I'm assuming this is a corrective 3-wave move up at the moment, despite the new high. If you've got a long trade on consider trailing stops, or at least managing stop below inflection points where price shouldn't return if this is, in fact, the heart of iii of 3.
tradingviewfox
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Thanks, Nick
nick.holland78
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Closer view. NO evidence wave I has topped. In fact, wave ii *may* not go very deep at all. Break-out of MACD would be an indication that wave iii of 3 is already underway.