VIX'60min
VIX'daily3
Summary
I have to say, I was surprised, and a little concerned when the VIX broke above the Tuesday high earlier today.
I had originally thought it'd struggle just to hit the 16s - even if sp' broke into the 1540s. But no, the VIX surged yet again, and came very close to hitting the 18s. I think its clear that volatility is indeed coming back to this market
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As things are, if the count is correct - with initial main wave'1 complete, we should seek a standard ABC pull back into Friday opex. Considering recent market complacency, a VIX back in the 14/13s seems VERY likely - and that would probably equate to sp' back in the 1570s.
I expect VIX 20s next week, and if the market takes out the sp'1538 low, I believe there is a significant possibility of a very brief spike into the low 30s by next Thurs/Friday.
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*I will be looking to pick up a VIX call block late Friday/early Monday, with an exit target of VIX 25/27.
More later, on the indexes