End of day. It just settled down towards the fib line again. My experience is that this is pretty normal for VXX when the major selling in the SPX is overnight. We get a sizeable gap up and then it sinks back down. The biggest most profitable spikes happen when the selling start around 8-9am.
I don't know if this fib level will be its low point. The bottom of the Feb 27-March 5 channel is just down there a little bit farther. I would not be at all surprised if it dips down there for a test of support. Also not that the pink trend line from the March peak to the Sept peak is still pretty close. Either it drops down to get some support to jump through it, or it will move sides ways into a wedge and then break above.
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I don't know if this fib level will be its low point. The bottom of the Feb 27-March 5 channel is just down there a little bit farther. I would not be at all surprised if it dips down there for a test of support. Also not that the pink trend line from the March peak to the Sept peak is still pretty close. Either it drops down to get some support to jump through it, or it will move sides ways into a wedge and then break above.