VIX (VX) Daily Chart Descending Wedge Nearing Completion

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The Nasdaq100 (NQ) is sliding almost 1% today going into the European morning, breaking below upchannel support (on the 4hr chart). Significantly, NQ is being rejected at upchannel resistance (on the daily and weekly charts). Although the daily RSI, Stochastics and MACD are toppish, most bears will wait for the weekly RSI and Stochastics to more decisively turn lower before initiating shorts. I am flat after profitably closing shorts today and am looking to re-enter short in the red zone (of the daily chart), targeting the green zone for Thursday. 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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