VIX Intraday Update

 

If you want to witness wild diagonal waves then the VIX will give them all to you. Needless to say, this makes wave counting the VIX all the more challenging.  The VIX also has prime examples of vertical spikes in both directions.  I show a pattern that sure looks like it is still correcting with another zigzag. I would love to see the VIX crash and take out that November low.  If the VIX still is this bearish, then stocks should remain bullish in the short term.

The commercial hedgers are net short the  VIX so that doesn’t bode well for an instant stock market bearish decline. Mind you I have seen commercial traders positions change in rapid fashion and we won’t know that until every Friday afternoon.  The Death Cross has been triggered but at these intraday levels, I don’t find them all that useful.

If the November rally is a bear market rally then this has to get confirmed by completely retracing my “A” wave bottom in Minute degree. This would be below the 16.09 price level.

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