Update 2:20pm EST: VXX has a second target at 15.67 zone that should completely fill the gap. Some overlap is usually preferred so it could find another higher target by tomorrow. The rate of price movement right now is very ponderous but typifies calm before storm scenarios. Still looking for a final high in the market (higher high or lower high) whenever VXX hits it's low target that should be a 'go' signal.
Update 10:34 am EST: VXX gap mostly filled, as expected. It may require a mostly solid body daily candle to accomplish the task. VXX 15.58 is an optimal 3 wave up extension target but could be more by close. (market could decline a little more but is not required)
VXX may be looking to fill it's gap higher and ultimately the next low is at target 13.55 price zone. Market might also be killing time while breadth unwinds even more prior to minor high printing- it could be a bottom in volatility that reverses quickly higher (market declines) but only for a short-term (*5 days?) before continuing higher to the next top. That's the best analysis we have right now. Anything more than that will be reported here as it occurs.
* after a review, it looks like an alternate move may take longer than 5 days as originally projected but the total volatility move could be higher than expected overall. Stand by for further analysis when accelerating declines commence. LOW volatility target remains near VXX 13.46 price zone +/- (subject to minor fine-tuning).
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