Based on this pattern a target of 45 by month end is entirely possible. Once it cracks below 55, there is not much support to catch it before it hits the 45 area.
Key area to watch first is the 55 level.
RVX Daily Chart:
Sunday, November 9, 2008
RVX Levels
The RVX chart is starting to look very interesting. The uptrend was finally broken and the retest of the "back" of the upward trendline rejected the RVX sending it lower to close at 59.73 on Friday. This created a bearish engulfing pattern on the RVX so the current bias is bearish on this volatility index.
Based on this pattern a target of 45 by month end is entirely possible. Once it cracks below 55, there is not much support to catch it before it hits the 45 area.
Key area to watch first is the 55 level.
RVX Daily Chart:
Based on this pattern a target of 45 by month end is entirely possible. Once it cracks below 55, there is not much support to catch it before it hits the 45 area.
Key area to watch first is the 55 level.
RVX Daily Chart:
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