The VIX chart below indicates that the downtrend from the November high, the 55-dma and the interim high from February 2 have all converged in the 47.15-49.54 range. The market has unsuccessfully tried to break above the 50 top over the past week. The Jan 28 - Feb 13 lows are all against the 76.4 retrace of the bounce from the Jan 2 low, and a closing break of this resistance level would be significant. In Elliott Wave terms, we are in the beginning of the 5th wave of a sequence starting in May 2008.
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