Two days ago [Intra-day July 26] I wrote about an Inverse Head & Shoulders pattern developing in VIX. I thought it would take us to 21.66, which it did -- hitting 23.99 today.
I know what you're thinking. Was that the only H&S worth watching? Well, to tell you the truth, in all this excitement I kind of lost track.
Until tonight. Just checked, and we've completed another couple of them that should pick up where the first one left off.
The one with the white neckline is the bigger of the two, indicating an upside to 28.58. The second, with the purple neckline, points to 27.67. Either would do just fine, but I get real excited when I see two great patterns saying the exact same thing.
If you've been looking at VIX's lack of fireworks these past few days and thinking this downturn might not amount to much, this chart should make your day.