The inverse TVIX/VXX pair shows the appetite for risk and conviction that the market will either rise or decline. When the graph goes up, the market is bullish. When it goes down we are bearish.
We are have tested the downward trendline 7 times now but have rejected it each time. Is this a sign that the appetite to go to new highs is vanishing? We are also in an interesting wedge that may have ended earlier in the month with a 5 wave ending diagonal overthrow.
In either case, there isn't much rope left in the ending diagonal and we either smash above the line in the next few days and the markets explode much much higher or we break down quickly from here and see an extreme decline in the markets.
Overall, expect SIGNIFICANT MOVES in the next few days.