The last few days has been fun, with lots of targets being tagged and more on the way.  We’ll start this morning with VIX, which is one good spurt away from our 13.93 target — a nice 49% gain from 9.33.  From Jan 10 [China: It’s Not Me, It’s You]:

VIX jumped up and tagged its SMA200. For those still sitting with a long position at 9.33, this is the easy money — a second chance for those who wished they’d sold last week. For diehard bears, the most likely upside target is 13.93 (ideally Wednesday, Jan 17) with a reach target of 16.13.

If it’s reached, it probably means ES is about to give up its overnight gains, potentially to find its way to the SMA10 at 2755 (almost exactly an A=C corrective wave.)That, of course, will depend on DXY continuing its drop to 88.68, CL and RB running out of steam, and USDJPY breaking down.  But, all in all, it’s shaping up as a rare good week for the bears.

continued for members…

If SPX can break below its midline around 2780, look for a significant unraveling to around 2755.DXY is on track for an important test of the white midline where it intersects with the 1.272 and .618 at 88.423-66.682.coming up shortly, USDJPY, CL and RB targets.

UPDATE:  11:20 AM

Moment of truth here for equities… …which got a V-shaped bounce courtesy of a pullback in VIX……and, an oversized backtest by none other than RB.  CL is bouncing, but nowhere near as aggressively.UPDATE: 12:00 PM

The long-awaited targets for CL and RB…

RB hasn’t broken out of its rising white channel.  Unless it does, I believe we’ll see a drop to the intersection of the rising red TL and the white channel .786 line at about 1.755 sometime between 2/16 and 2/28.  We’ve been waiting for a good opportunity to short ever since it broke out of the cloud.  I believe this is it here at 1.8637.CL has broken out of its rising channel.   As such, it is most likely to backtest the channel top.  At this point, I’d expect that to come at 59.76ish early next week.  If that doesn’t hold, then I’d look for 56.36 the first week of March.BTW, I’ve updated the Current Forecast page with today’s targets.  If anything’s unclear on it, please let me know.

I’m going to duck out early today for some meetings and to watch my daughter play basketball.  GLTA.