VIX - Reversal Candle Confirmed

The action in the VIX today did at least confirm yesterdays reversal candle.

VIX - bearish scenario

Even the bearish scenario would still call for a move to 24/26 within the near term. Clearly, bears want to see VIX claw back to around 17.50/18 by the Friday close. That would offer some hope for next week.


VIX rainbow chart - no buy signal yet

Certainly there is no proper buy signal yet. Even if the VIX does claw above 18', it will probably take at least 4 days until we see a confirmed green candle.


VIX weekly - still looks ugly, bears need to see 18 again

Very disappointing action so far this week. Somewhat depressing is the realisation that even a Friday close of 18 would still offer nothing in the scheme of things. However, at least 18 would help to keep dragging the underlying momentum back towards going positive cycle in about 2-4 weeks.

All charts keep noting the 24/26 level as very key, whether one takes an overall bullish or bearish outlook.