SOXX still rallying off the tag & bounce off the 272 target with the next sell signal to come on a solid break below this minor uptrend line with any marginal new high to extend the divergences that were in place at the previous high

This whipsaw/ false breakdown/bear-trap was a catalyst for this latest pop to a new & still divergent high. MS is going to have to clearly take out that uptrend line to trigger a sell signal but still solidly in an uptrend for now.

$VIX still has the key uptrend line support just below, as well as some horizontal price support around 16.00, where it’s currently trading.

As soon as the market finally breaks & clearly loses the 200-day MA’s, CVNA will be good for a multiple of many times what the major indices fall…. 85% downside from where it is now to my final long-term (weekly chart) target. CVNA has been trading directly as a risk-on asset since its early 2023 low & basically trades like the broad market on leverage.