Vix rising channel appeared at the beginning of Feb. RSI downtrend was invalidated today (2/17) as RSI broke to the upside. Resistance at 31.95 based on Jan 26’s close price. My guess is Vix marches up to 31.95 in the next few days.
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Vix gapped up and touched the top of the rising channel. Is hovering well above 31.95. A couple of closes above 31.95 might indicate a near-term support has formed for Vix. Conversely, a close below 31.95 may be more likely.
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We've closed above 31.95 and Vix is still respecting the channels laid out in this original idea.