What had seemed an ordinary Thursday turned into a real crazy turbulent mess for many day-traders. For those playing volatility, we saw some pretty severe moves lower in the space of an hour.
VIX, daily, rainbow (Elder Impulse)
The 1min chart shows the truly insanity that was todays closing hour. The hourly VIX which was holding up very well considering the index gains, received a 10% smack down after those rumours occured.
Special note on the rainbow chart...you can REALLY see the H/S formation on this chart almost better than anything out there. Very bearish..for the VIX - and thus Bullish indexes...
First target 20
I'd guess sp'1350/60 would equate to VIX 18s