Here’s another macro look at our market, using the VIX. It tends to follow the same patterns as other markets so the falling wedge I’ve outlined below may indicate a bullish direction for this index. Using a mid-point measurement and projecting it to near our current location, especially after today’s low of 16.10, if this scenario were to play out, we could see a pop toward 32.00. This would not be in one fell swoop, however, a likely peak should this occur. Of course there’s still plenty of room to fall further inside this wedge.
VIX Bullish Falling Wedge
