Oversold VIX suggesting correction in US markets

VIX index chart analysis

VIX index chart analysis

VIX on last trading session closed at 11.79 with loss. Index is in downtrend and heading towards my level of 9. But on daily chart, VIX index is oversold and trading around bottom. On upside 16 is December major pivot resistance as well as target zone for bounce back rally. Above 16, VIX index will be bullish and buy.   This means in short term expect high volatility in US market and corrective downside for dow and S&P. weekly breakout above 16, means next targets of 19 and 26 for VIX index.   Dow jones closed at 19251 and on downside major support is at 18750. S&P 500 index last closed at 2204 with gain and on daily chart it have its major support at 2170.

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Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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