TVIX-4-23-19-8-25-AM
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TVIX - follows the path towards the first target at 18.50
In the morning update yesterday I correctly predicted more weakness in TVIX. I see a number of fibs that build a confluence in the area located in between 18.50 and 17.85. This morning pre-market TVIX has opened under 19.00 losing 2% from Monday’s close. I can only repeat what I wrote yesterday:
“ I see a number of fibs that build a confluence in the area located in between 18.50 and 17.85.”
TVIX - 120 min chart updated at 8:25 AM on 4/23/2019
As I explained yesterday, the pullback off the previous low made at 19.35 on 17 Apr 2019 looked corrective.
If we had A up, B down and C up where waves A and C were subdivided into five smaller waves we would have been able to call it “constructive” and label it as a wave 1 up. However, bot waves off the low, A and C, had ugly structure. That made me think that TVIX needed to make a new lower low to “reset” the structure. To reset the structure we needed to get A-B-C down to a new lower low. The wave C of 5 down has to have an impulsive structure and subdivided into five waves i, ii ,iii, iv and v. And it had to make a lower low under the previous low at 19.35. At this point it has made a lower low and made all five waves to be considered complete. So we have got a complete downside STRUCTURE and now we need it to hit some important confluence of fib extensions. And we have such a confluence in between 18.50 and 17.85.
TVIX - 5 min chart updated at 8:25 AM on 4/232/2019
