VIX spent the past month edging higher, finally breaking out of the falling white channel that has marked tops since Dec 30. There were numerous intraday plunges, as needed, in order to keep stocks from slumping.
But, with SPX threatening to put in a dreaded 1% drop last week, VIX was pressed back into action, descending back into the falling white channel, breaking down the rising purple channel and — drum roll please — making its 8th voyage below the long-term yellow channel bottom.
It was enough to merely postpone Friday’s drop to our next downside target — which should be tagged this morning.
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