A different look - VIX - Cup and Handle?
Sorry for the crude drawing. I was playing around with the VIX to give myself a different perspective, trying to see where the market might be headed. Saw this cup and handle and wanted to share. If we are in fact forming a handle, we could be on the verge of a quick, large spike in the VIX which would likely mean the same drop in the indices. Just a heads up. I have a short-term call thinking we'll gap up tomorrow because of the bull flag, but I'm also preparing to position myself with puts, as my longer term bias is bearish. The market might be breaking down since last week and we'll break soon 3000 and find ourselves around 2500 first half of July.
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