Though many of the individual names are faring well, I have been expecting a big bounce in the indexes, and soon. Until we get those, here is a short-term $VIX target based on structure. I still expect the indices to not fall in a straight line and to get a substantial relief rally soon, but until then, there is this to deal with:
And the worry here of course is that the blue wedge breakout sticks. I still lean to the view that it will not, but we will have to see when we get there.
[UPDATE]: The $VIX has hit the target, surpassed it in fact, so I will file this call under “Successful Calls.”