The Wildcard Here Is the $VIX

One piece of the puzzle that is not lining up for a low in equities is the $VIX.

The bullish wedge (last noted here) is still a force to be reckoned with. If it breaks out, I would expect it to reach either of the two fan lines above.

VIX

If it does, I know immediately how I would account for it on $ES: either make this minute (blue) 2 much deeper (and make this ending diagonal C-Wave a triangle B-Wave instead), or move the minute (blue) e over and assume we’re still in that triangle. But I don’t know how I would account for this on the Naz yet, as it would break the structure it’s in altogether (so I still have to give that more thought).

ES


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