Market Analysis for Jun 10th, 2020

Jun 10, 2020 - 2:26 PM EDT

VXX - Even though I can't say that I am heavily favoring the green count we do have a setup and the R:R on call options for next week and even lottos this week is good here give the setup that we have.

Straight shares could also be bought here with stops under the 28.79 low looking for near term targets in the 34.93-36.20 zone. I think we should have an answer one way or the other soon on this. If we do break the lows then I will look for another long setup once we have another bottoming signal as again bigger picture I do think we are close if we have not already bottomed.

VXX Workup

VXX 15m

Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.

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