A look at the VIX

Notice the blue support line and how the VIX has bounced FIVE times off of that level. We are quickly approaching that point again. Also, the downtrend has seen 1,2,3,4 waves down already and so the 5th wave down would reach the blue support line and then we could see a turn around. Finally take a look at the sudden reversal in the Stochastic indicator which is now reaching all time oversold levels (The chart does not show trading levels - when I say "oversold" I mean the bearish momentum is very low).

-Wown
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