Whilst the equity market built gains across the day, the VIX appeared to be forming a double floor in the low 17s. Hourly VIX charts offer very significant upside potential across the next two days, and a weekly close in the low 20s looks very viable.
The opening reversal candle was pretty much a classic, and we even saw the VIX break into the mid 18s by mid-morning, but with the indexes holding together, the VIX cooled back down.
Arguably, we closed the day with a double floor in the low 17s, and that surely 'fills the gap', and the VIX should now start a new climb - assuming the indexes have maxed @ sp'1606.
*I am Heavy LONG the VIX, from the 17.50s, seeking an exit in the 23/25s within 2-3 trading days.