VXX 17.62 bullish – 7-month falling wedge breakout signals highe

VXX rallied strongly to break above 7-month falling wedge resistance (from February 2, 2015 peak), suggesting basing over the 15.48 low (August 5, 2015) and prompting further upside towards 18.87/19.77 for gap closure near term. However, a close below the 16.77 area (August 20, 2015 low) would signal bullish momentum stalling and re-focus on the 15.71/15.48 wedge support zone.

Outlook:
Short term: bullish
Long term: neutral