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Makes you wonder. VIX hitting the APEX of the (extended) Bullish descending Triangle. If this Triangle has any meaning than today should be the LOW for VIX. Therefore: what Label comes this weekend/ Monday?
ADDED: 3rd chart; showing Perfect HIT
IMO. DYODD.
I can’t chart VIX on my setup. But I can VXX, UVXY, UVIX, etc.
Major bottoms USUALLY require what I call Slow Money Flow to drop to 10 or lower. Often 5 or lower. Its currently 23.
Typically that takes two months from here. To setup. The next month to rally.
So I’m not holding my breathe as a bear here.
Plenty of time for several corrections (and dead cats for VIX) of course.
I don’t play breakouts, breakdowns, or trendline tags (although the latter would seem to be a coldly efficient way to trade).