Been following this pattern on XIV for over a month. Traded it long off the wave (ii) low to wave (iii) target area. Now is no time to enter new longs imo. Aggressive traders could attempt a long in VXX (short XIV) for wave iv, or best case wave B. Corrective pattern to the support region could be traded for wave v to 28/29 region.
Vertical purple lines are approx. VIX expiration.
Vertical purple lines are approx. VIX expiration.
