One last one before I shut down for the week: /VIX ($VIX futures, Dec contract) buy signal to come on a break above this 60-minute downtrend line.
VIX 60m Dec 5th
..and for ETF traders, VIXY buy signal to come on a break above this comparable 60-minute downtrend line, with positive divergences also in place as with /VIX.
VIXY 60m Dec 5th
Zooming out to the daily chart of THE $VIX (the spot $VIX), which the futures and the ETFs/ETNs that track the future are based off of, following the last long entry off the drop to this same primary uptrend line which was followed by a breakout the day after posting that last setup on the lows on Sept 12th (followed by a 100% rally into my 28.62 target), $VIX has come full circle while once again pulling back to that uptrend line (support) with the PPO signal line testing my purple bull/bear trend indicator line from above. Sept 12th and updated $VIX daily charts below.
$VIX daily Sept 12th
$VIX daily Dec 5th
Note that this trade idea on the $VIX will only play out if the recent/current short trade on QQQ also plays out, ideally resuming the next leg down to the next price targets next week. As such, a $VIX long should be considered a complementary or overlapping trade to any shorts on the broad market (as well as a potential hedge to any longs on the stock market).
Should Santa come & deliver the rally many are expecting, with the indexes punching out & holding a new high over the next few weeks, then $VIX is likely to continue down to the next support(s) just below the uptrend line around 14.63 & then 13.34.