🚀 VIX $12 Target Hit: Candlestick Ninja’s Post-Market Analysis & Predictions 5/17/2024

In this comprehensive update, we delve into the VIX and Bitcoin (BTCUSD) daily and weekly timeframes, revealing key Fibonacci ratios, support and resistance levels, and bullish formations. Candlestick Ninja emphasizes the importance of avoiding biases and considering higher-level timeframes to navigate the market effectively.

Today's focus is on the VIX hitting its $12 target, and our prediction of an 85% probability of a bounce to $17-$17.50 in the coming weeks. This will likely lead to talks of rate reductions for election purposes, despite politicians not explicitly stating this. We expect the VIX to drop back to sub-$12 levels in Q3/Q4, coinciding with a new president inheriting a tumultuous market situation.

This analysis serves the dual purpose of showcasing our trend bias and providing actionable insights for your trading strategy.

📈 Key Insights:
The VIX hit our $12 target and is poised for a bounce to $17-$17.50.
We predict an 85% probability of this bounce occurring in the coming weeks.
Rate reduction talks will emerge, driven by election strategies, leading to the VIX dropping back to sub-$12 in Q3/Q4.
The incoming president will face significant market challenges.

📬 Disclaimer: For informational purposes only. Not financial advice. Trade at your own risk.

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