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Will There Be an Inverted Head and Shoulder Pattern on The VIX?

The current VIX chart is posted below.

Take a look at the VIX since the beginning of July. What you should notice is that the VIX had a low on July 20 and then its lowest low on August 9th., and then a low on August 19th.

What is a possible description for that action? Well, the VIX could be forming an inverted Head & Shoulder pattern which would have upside implications if the pattern completes. And since the VIX moves opposite to the stock market, Caution would be in order during the coming days.

VIX Daily Chart

 

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