Taking another stab at VIX’s daily chart. Yesterday’s low of 17.09 was just .03 off the .786 Fib level of 17.12 we mentioned a couple of days ago [see: The VIX is In].
There are a couple of different interpretations. Fist: that the smaller (red) pattern is complete at the .886 and should reverse strongly. Second: that yesterday’s low is just a Point B in a larger pattern such as a Crab. Third, That we should be looking at the larger scale pattern — which calls for a Point B reversal at the .786 of 16.67. So, which is it?
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