They say you shouldn't apply waves to the VIX but I cannot help it. I posted a chart a while back in March and proposed a double zigzag down from VIX peak:
Well, I present today's updated chart and I must say, it looks pretty decent. The VIX broke out of a trinagle move. Question is, was this a B wave trinagle or a 4th wave triangle?
The difference is a B wave triangle means a drawn out final C wave down to VIX final low is coming and should take weeks to play out.
However, if my pattern is not a B wave and instead a final 4th wave triangle, that implies a quick thrust move, such as that has occurred is all she wrote for the VIX low.
So once again, you can see how the market is at a decision point. 4th wave or B wave? The VIX is a key chart to keep and eye on over these next few days.