Dr_Roboto

VXX/VIXX looking for a breakout tomorrow?

AMEX:VXX   iPath Series B S&P 500 VIX Short-Term Futures ETN
Update on my last two VXX ideas. So far everything is going to plan. As I thought, VXX is showing a "double bottom" in correlation to the double top formations showing in the S&P and NASDAQ. Looks like a wedge pattern and consolidating for a breakout. Should be one more small correction overnight or tomorrow morning before it breaks out. Using yesterday as wave 1, then a wave 3 could see a nice 15% upside. No clue what happens after that.

FYI, this market likes to through a curve ball every time I think I have it figured out. I am feeling pretty confident right now after 1.5 months of predicting a down turn and looking a fool. So, time for the market to make me look foolish again ;)

Hope this helps.
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