VIX could have a turning point soon
Vix is bouncing in what looks to be a bullish pennant.
I think VIX is going to test the previous high at 34.85-35ish In theory this should create a double top.
Pennants can easily be bullish or bearish though depending on market sentiment and momentum really so there is a chance it breaks to the down side.
If the pennant turns out to be bearish there's a possibility it follows a harmonic pattern and then breaks out and goes back to around 37
I think VIX is going to test the previous high at 34.85-35ish In theory this should create a double top.
Pennants can easily be bullish or bearish though depending on market sentiment and momentum really so there is a chance it breaks to the down side.
If the pennant turns out to be bearish there's a possibility it follows a harmonic pattern and then breaks out and goes back to around 37
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