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cerealpatterns

vix coming to critical level of support

ProShares Trust Ultra VIX Short Term Futures ETF (AMEX:UVXY)  
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AMEX:UVXY   ProShares Trust Ultra VIX Short Term Futures ETF
Trend Analysis Chart Patterns Technical Indicators VIX CBOE Volatility Index leverage etfs indextrading Indices broadermarket swingtrade
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trendanalysis chartpattern indicator vix leverage etfs indextrading indices broadermarket swingtrade
weve only seen this low in uvxy 3 times, they were all this year, and they all happened with broader markets in a downtrend. all im seeing right now is buys on uvxy, and if the selloff continues with multiple sectors like xlf, xlv, spy, qqq, iwm, and especially soxl hitting new lows of the day at the same time its almost a guarantee that vix pops once again at this level on the daily targeting the upper horizontal (high 13s/low 14s), and if the bounce continues with sector rotation occuring and consolidation forming in major indices this etf is headed for the lower horizontal (high 8s/low 9s).
Comment:
weve hit oversold on the 1 minute and made a new all time low in uvxy
snapshot
is this the beginning of the rwcovery, or is it the start of the next spike in vix?

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cerealpatterns
looks like the bounce may be over
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its time to talk about an intermediate or longer term bottom
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volatility coiling up for a spike
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