VIX Intraday Rally Review

The VIX has been on a bit of a rally, but a wide open gap formed on the way up. I call this more like a Scalene triangle with an open end. Pattern wise it could be a diagonal 5th wave, but if this is the case, then the VIX should see yet another record low.  I would love to see this gap closed before the VIX pushes higher, but there is never any guarantee that this bottom gap will get close anytime soon. 

There is one big open gap above present prices, which will get closed, but it also could produce unexpected resistance. In early October there were many gaps that opened up,  which now have been closed. Even when they are already closed off, they can supply a strong support price range. 

The VIX has been rolling around record lows just like stocks have been rolling around record highs, so in that respect there is good inverse synchronicity. 

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