I was just asked the following questions & figured that my response was worth sharing:
Q: What's your opinion on trading VIX? I'm looking at TVIX, which is 2x VIX, currently pretty low at $8.30s. I was wondering if it follows the same charting principles and indicators as normal ETFs?
A: Let me begin by answering the latter question; Yes, the VIX can most certainly be traded successfully using technical analysis (charting) as other financial instruments such as stocks, futures, etfs, commodities, etc... As an example, this 120-minute period chart shows just how well the $VIX trades using technical analysis: Buy on dips to support/sell on rips to resistance/buy breakouts above resistance/sell breaks below support.
Yesterday's tag of the 16.25 support level was a buying opp with the first profit target the bottom of the yellow resistance zone and a stop on a solid break below the 16.25 support level (which could also provide a short entry with a target set just above the 11.86 support level (orange). (note: This chart was made before the open today & is reflective of yesterday's closing values).