Well therefore I'll mention it. The VIX "trap" is set. We need the "trigger" to close back inside the BB.
It was proposed that Minor wave 5 ended in truncation for the SPX and Wilshire 5000. One strong guideline of a truncated top is that exhaustion sets in and prices collapse as a result. That has not happened with today's strong up move and the DJIA hitting another new high. So the idea of a truncated Minor 5 does not appear correct.
MINOR 4 TRIANGLE COUNT
If we now rule out Minor 5 truncation in SPX we are left with 2 options. 1) The SPX and Wilshire topped in February. This does not look correct either as the Wilshire almost matched February's high by a mere 8 points (hence the proposed truncation. 2) Minor 4 is still in play in an attempt to oscillate prices until a proper Minor 5 can commence.
RIDICULOUS GAP UP TODAY
The massive SPX gap up (biggest I ever remember seeing) is just as ridiculous as the gap down the other day. I suspected the gap down would be closed in an expanded wave (ii) flat but the move up appears stronger than is warranted for a wave (ii). We shall see.
So hence, one must assume the stupidly large gap up today will be closed soon also. But would this indicate a reversal? Not necessarily if the market traces a complex wave [c] of Minor 4 triangle to close the gap.
Wave (c) of [b] is required to go higher than (a). Then back down to close the SPX GAP UP in a wave [c] of a Minor 4, likely triangle, is the best guess for now.
Did any of that make sense?