Futures are rallying pre-market due to a jump in the "Bremain" camp. Little do they know that this has nothing to do with Brexit:
Skynet will try to fill that open gap from June 10th, but I don't know if that is going to happen. Once this "rally" ends, the velocity of decline will "increase"...
The wedge will break up, fakeout, and then break down hard. Once Skynet figures out the rally is getting sold, it will likely end abruptly...
The wedge will break up, fakeout, and then break down hard. Once Skynet figures out the rally is getting sold, it will likely end abruptly...
The "unprecedented" acceleration in volatility (VVIX) that took so many traders off-guard, foreshadows what we will see during the next leg down...
The pattern is recurring somewhat similar to late December, a spike in VVIX, one final short-covering rally, and then water fall decline lower. At which point everyone in the world realizes this sell-off has nothing to do with Brexit and everything to do with global synchronized deflationary meltdown...
After all, we can't blame the UK alone for this...
I gave up on the S&P long-term count, too much Central Planning.
Nasdaq's third wave is pretty clear:
