As we commented last Wednesday, this close up view of the VIX is showing a triangular pattern that has morphed into a secondary triangular pattern.

Yesterday, the VIX closed at 17.33 which was inside the new triangular formation, but with an up and down breach of the prior formation.

The medium term negativity has not been erased yet because we still have July to January up trend ... so that means go forward with trepidation.