VIX setting up for a bull run
Updated
VIXA: We can clear see that VIX bounced right off the support.
B: The price action was strong enough to break the downtrend resistance and make higher highs.
C: Slapped right at the resistance levels.
D: Approaching 100MA Support.
E: 50 MA rising higher giving us an indication of rising strength.
What can we expect?
a. Bounce over 100MA and retest if the resistance levels (44 to 47)
b. If it breaks bullish we can see the test of 55 levels.
Comment
A. As expected , VIX bounced off the support!!!B. 100MA was taken out and Setting up an resistance levels of 36-37
C. Closed above all D MA's.
What can we expect next?
a. Squeeze (Sideways moment until it gets an direction)
b. Attempt to break 36-37 levels.
c. RSI coiling back up and test of resistance (channel)
If it breaks 36-37 levels we can see a reclaim of 43.5 (Bigger resistance)
PS: TVIX is gonna be taken out 12th of July. So we can see some nice action before it's gone for good.
All the very best Trading guys.
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