VIX: MICRO VOLATILITY CYCLES / POINTS OF CONTROL / MACD & RSI

DESCRIPTION: In the chart above I have provided a MICRO ANALYSIS of the VIX INDEX which represents volatility in the overall US MARKET. This is a short term play for this week based on micro volatility cycles.

POINTS:
1. Deviation in critical thresholds is 4 points a small adjustment from previous VIX charts published as volatility adheres to this more often.
2. 23 Point serves as critical support for VIX.
3. Current Trend = Symmetrical Triangle Formation 2nd Phase
4. Overlapping Green Dotted Lines = Market Open
5. Overlapping Red Dotted Lines = Market Close

IMO: In my opinion whether or not current setup becomes invalidated I do not see current price action falling below 23 POINTS is the POINT OF CONTROL TO THE DOWNSIDE while 31 POINTS is the POINT OF CONTROL TO THE UPSIDE.

MACD: Current MACD levels continue to fall and are bound to flip into negative territory further confirming current setup that needs some pullback for VIX.

RSI: Current RSI levels are dropping and no current signs of DIVERGENCE that would indicate a sudden flip to positive territory.

SCENARIO #1: VIX price action agrees with current setup & respects symmetrical triangle setup and bounces off 25 in coming session & precedes to the upside to break 29.

SCENARIO #2: VIX price action disagrees with current symmetrical triangle setup and breaks below 25 & faces possible bounce at 23 instead.

FULL CHART LINK:tradingview.com/chart/UUCv2fGk/

VIX
UVXY
bearmarketBeyond Technical AnalysiscreditsuissefomcnewsPivot Pointsspxshortspyshortsupply_and_demandSupply and DemandSVBSymmetrical Trianglevixlong

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