VIX (VX) Nearing Completion of Wk Long Triangle

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Given the massive spike higher in the VIX (VX) Monday, and the triangle that it has been forming and close to completing (on the 4hr chart), the key question going into today's US session is whether volatility reclaims the Monday spike high to end the week, or whether it sells off as US equities rebound back towards Wednesday's high. While far from clear on directional bias for today as a triangle can resolve lower or higher, most traders will await a clear breakout in either direction. While the weekly RSI and MACD hint at more VIX upside next week given their steeply positive slopes, the daily and 4hr RSI and Stochastics are tiring, hinting at potentially more VX profittaking today. I am on the sidelines until a completion of the 4hr chart triangle, but am ideally looking to go long on any dip to the green zone, targeting the red zone for early next week. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I set my stops tighter).

VIX (VX) Weekly/Daily/4hr

VX (VIX) Technical Analysis

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