Basically when the candle is orange it signals a potential aggressive entry point. When the candle is magenta its a good buying point.
I am a long term fan of legendary investor Carl Icahn. His fund IEP has had a tough time since 2014. I assume its due to all is bets in the OIL sector such as RIG and more. However it seems like OIL is near its bottom and I think its fair to say that not many people could of foreseen oils massive price adjustment due to the Americans fracking up the world.
Also note the low around 50. This should provide some good resistance against any short term market sell offs. If you believe that Mr Icahn hasn't lost his mojo this should prove to be a nice entry for the long term.
Finally the SQZMOM indicator has gone from bright red to dark red. back in 2009-05-01 this also happened and picked the bottom quite nicely.
Please comment. Interested to see if my logic is sound.
You can find more about WVF indicator here https://dl.dropboxusercontent.com/u/77187122/TradingView%2520Posts/VIXFix.pdf