Extremely Bullish Pattern (VXX)

vxx30minjune242012.png

Due to the large decline on Thursday, June 21st in the markets, volatility is likely to spike.  Watch for the VXX breakout! 

Whereas there was excessive fear surrounding the Greek elections, now complacency is much too high with a shaky market.  A spike in volatility, or the VIX, can result when complacency is high.  The bullish wedge pattern for VXX is well defined, and a breakout would be extremely bullish in the near term.  A test of the white trendline is possible next. 

You were completely right with your prediction yesterday (Sunday).  Sure enough the VXX jumped 8% today, a very nice gain.

 

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