VIX tagged 18.32 this morning which, as Brett and ewtnewbie point out, is the Fib .786. of the current (red) grid below.  This makes a nice turning point, but also because:

1. it represents a tag of the upper bound on VIX’s daily RSI channel
2. it tags the falling wedge upper bound
3. it tags both a yellow and a red channel line

Remember, we’re still looking for the previous H&S pattern to play out (dashed white neckline, nominal target is 11.48.)  In the meantime, we just completed another H&S pattern (yellow, dashed neckline) that targets an improbably low 5.5.  Where are we likely to go?

continued…

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