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Long Volatility into August

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By now you all know the drill. Let's start with an initial framework, assess the current environment, and evaluate all below questions.

are we trending or ranging?
- a series of higher highs, higher lows
- sellers structure is broken, we are tracking whether buyers will protect or find it difficult to hold

discount?
- we are tracking the lows for the previous wave block
- Support 20, Pivot 25, Resistance 38

managing trade?
- Trading and assess based on quarters, 00, 25, 50, 75
- Market participation in form of current strength/weakness, when market is weak we are sellers and when strong we are buyers

This position, technically speaking, is very similar to the swing we traded in 2020. Buyers have developed a structure of higher highs, and higher lows, and desire their chance to go over to a direct attack on the highs.

In this case the result is not certain; but since attacking in this fashion is characteristic of a volatility event. There are two lines, assuming the 20 support holds. In the first case, as well we need to track 25, the combinatory breakout of 25 will allow buyers to continue their summer dance with a romantic hue, unlocking 38 for August.