Reason: Potential bullish Falling Wedge
We could make the case that the sideways action since the February low has formed a bullish Falling Wedge, if this is the case as VIX is getting close to the apex of the assumed wedge a breakout is imminent.
The Bollinger Band, which is now tight is also suggesting that a "large" move could be in the cards.
If ths wedge pans out I expect a sharp move with a potential target at least at the gap fill = 15.61.
If the trend line resistance in force since the February high is breached then it would open the door to a raise towards the 20 area.
I am waiting for a bullish candlestick in order to consider viable a tradable bottom since VIX could still print a lower low (within the converging trend line).
I am thinking of buying Calls maturity July with a strike 14.
