VIX may have reached a significant bottom during today's volatile trading session. As seen below, the recent rug pull shown on the 1D chart has finally concluded; almost to the exact penny.When we step back and look at the weekly timeframe, VIX is currently bouncing higher off of a major bullish divergence that was built up over the past several months.
The RSI is also retesting the neutral line (50) and
VIX itself has closed on a major support level.If
VIX continues its move higher next week, we could see a significant drop in the S&P500Disclaimer:
Any information contained within this post does not constitute any financial, investment, or trading advice. Trade or invest at your own risk.
Note
VIX is up decisively today as we expected. This is only the beginning...Note
VIX is up significantly from the initial posting of this idea. We see a mostly sideways consolidation occurring above the key level of $20. Multiple rug-pulls are occurring on the smaller timeframes, but larger timeframes seem clear (for now). Bearish momentum continues to build.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.