It looks like the long slide in the volatility
market has found a double bottom
. The price entered into a consolidation triangle, the average volume
has increased, there is a positive momentum divergence after the double bottom
and the control is shifting to the VIX
If the consolidation is broken to the upside the market will enter into panic and will push the UVXY
levels to an initial target of 42, then 45 and 49.
The S/R and target levels are based on the Fib retracements