ES & NQ - so far move down looks corrective
So far bears could not show any impulsive structure of the move down off the top.
In fact the only good micro is a Triple Three corrective structure,
Look at the monowave push higher of wave -x-. That is a typical wave x connecting two a-b-c structures.
Here we may expect ES to come back up and retest that blue trendline from below.
ES - 9,000 tick bar chart updated at 9-55 AM on 4-21-2020
NQ has found initial support at the Demand Zone 8,533-8,500.
It may pierce that Demand Zone but then come back up over again. Even if the previous top was the top of wave ( B ) up that -a-b-c- down will then be followed by a-b-c move up making a lower high. That bounce would be good opportunity to go short.
NQ - 9,000 tick bar chart updated at 9-55 AM on 4-21-2020
I can make a case that VXX bottomed in five wave move down off the top.
The fact that it declined in an impulsive fashion tells us we can only expect a corrective bounce making a lower high.
Such a bounce may have -a-b-c- up structure.
This morning we may be getting a subwave c up that is about to complete the first a-b-c move up.
So far VXX stopped right at 23.6% retracement: good for the first leg up in a corrective a-b-c bounce.
It still may push higher one more time to top at 47.60 48.85-50.10.
VXX - 3,500 tick bar chart updated at 9-45 AM on 4-21-2020
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