When we zoom out a bit and look at the big picture, we observe something interesting.
The most dramatic price drop for Major Pullback2 came on August 5, four days after the first China tariff tweet of August 1. This was accompanied by a dramatic surge in $VIX $VXN.
On August 23, we had a very dramatic day in terms of events:
This tells us that Major Pullback2 is losing its selling momentum. If prices can survive August 23, they can survive a lot of dramatic events.
This suggests that Surge7 is around the corner. Major Pullback2 is approaching its end. The Up Trend that started on 12/26/18 is likely to resume soon.
The rest of this article covers:
Table of support and resistance levels
Updates from market internals
Planning your trades
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