VIP MARKET UPDATE: $IMX
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$IMX is trading around the 0.1804 area after an explosive spike to the 0.2100 highs that came out of nowhere and has since pulled back sharply, leaving a long wick that suggests the move was driven by a liquidity event rather than sustained buying pressure. Despite the aggressive rejection from the highs, the ascending trendline that has been supporting price since early April remains intact below and price is still holding above the 0.1800 horizontal level that has been a key reference point throughout the structure.
As long as IMX holds above the trendline and the 0.1750 area, the overall structure remains constructive and the pullback from the spike looks corrective. A loss of the trendline on a closing basis however would be a warning sign that the move has fully exhausted and would open the door toward the 0.1650 area below. A clean reclaim of the 0.1850 area with follow through would put the 0.2100 highs back in focus.
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