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