TVIX-4-18-2019-12-40-PM
Subscription: Access to Micro Counts of US indices
TVIX - the structure of the last pullback looks corrective
Once you get a nice bottoming structure ( the important extensions are hit AND the micro structure is in place) you start build a LONG position. If it drops deeper into the green target box you should be prepared to add especially on a gap down making a new lower low into the green target box. This is a kind of a setup we got yesterday at open. Yesterday TVIX opened at 19.40 after close at 20.33 on Tuesday. That was a textbook example of an exhaustion gap down.
Then we got the expected spike up. When you get a spike you book profit and wait for a pullback to reload if structure of the move up looks impulsive (subdivedes into five waves) or you have a nice A-B-C up where wave A and C have a clean impulsive structure.
Please scroll below and I will show you what I do not like in the structure of the bounce we have got and why I do not reload TVIX on this move down.
TVIX - 120 min chart updated at 12:37 PM on 4/18/2019
The structure of the spike off the Wednesday’s low looks corrective. First, you may see that neither wave A up nor wave C up has an complete five up micro structure. Second, wave C up failed to extend even to 100% extension of the wave A up. Normally it stretches to 123.6% ext or 176.4% ext. That is why I count that spike as another corrective bounce before the final push up lower. That lower low would reset the count and TVIX will try to go up again and may be that time it will show its strength with a nice impulsive looking pattern. I will be a buyer when TVIX hits a new lower low.
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TVIX - 5 min chart updated at 12:37 PM on 4/18/2019
