VXX - SPY Still on Track!
The recent pullback action in VXX may complete a (as shown here in blue). This target also lines up well with a target in the larger (shown in pink).
Although this chart is zoomed in as we look down for the next turning point marking wave 2, we can expect the SPY to move in the opposite direction and try one more time at the recent highs set back on Jan 18, but it will probably fail and then begin the long grinding 3rd wave down.
The VXX chart shown here, will of course begin it's 3rd wave up and meet initial resistance at the pink dashed line. Then expect a period of consolidation as the pattern begins to pack and build some energy. After that we can expect The target to be reached way back up near the 50.20 zone!
This forecast is voided if the VXX drops lower than the low set on Jan 18. Until then I'm long on VXX :)