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Using a "meaningless" ratio to identify areas of support for XIV

So, I had this strange idea:
I took XIV (long volatility ETF) and divided its value by the corresponding value of QLD (x2 NAS100 ETF) to create this chart. To my knowledge the daily value of XIV is calculated based on the price of ES options, so there shouldn't be any relationship with QLD, yet this chart has a clear structure and beauty to it.
It's peculiar how the region around 1.2 used to serve as support in 2013 and first half of 2014, then became resistance in 2015, and then again support in 2017
I took XIV (long volatility ETF) and divided its value by the corresponding value of QLD (x2 NAS100 ETF) to create this chart. To my knowledge the daily value of XIV is calculated based on the price of ES options, so there shouldn't be any relationship with QLD, yet this chart has a clear structure and beauty to it.
It's peculiar how the region around 1.2 used to serve as support in 2013 and first half of 2014, then became resistance in 2015, and then again support in 2017
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.