$ES and $SVIX: Both Promise A Move Up

#greed index #a-b-c flat consolidation #long setup

check The morning Update – 11-29 AM EST below.

$SVIX has a picture perfect long setup:

SVIX produced a corrective looking a-b-c move down that looks having bottomed OVER the main support.

ES-mini has even a better picture:

Note the res -a-b-c- over down that stopped OVER the breakout line 4,542.

Bulls got a solid base for another rally.

My only concern is that a micro count of NQ would look better if it makes one more push lower:

But if NQ goes over 15,961 that would be a breakout.

The morning Update – 11-29 AM EST

We got the rally. But I want to show you an alternative bearish scenario.

Consider its your plan B:

If this rally fails at this blue trend line we will count this failed rally a wave (x) up and will expect another a-b-c move down in the wave (y) down.

Your trigger for that Plan B is a break under 4,571.

Then the first target for the subwave -a- of wave (y) down will be 4,542.

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