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Aug 23rd, 2010: The VIX Pattern

Posted by pugsma on August 23, 2010

2:10 pm EST:  The VIX continues drop deeper into the red as the SP-500 has been dropping the past two trading sessions.  This is bullish sign for the SP-500 in the near term.  It looks like the VIX may want to try and make one more new low near 20  to 21 to complete an endind diagonal 3-3-3-3-3 pattern.   In this case the SP-500 should try and make another run at 1100 or even 1131 going into the end of August.  After this, the VIX could try to break up and out of the pattern and that would make for some volatile stock action going into September and October.

VIX Daily Candles Chart (1:47 pm):

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