1:53pm EST: Market is attempting to reverse up to close gaps and likely finish the leg. A turn signal up will be a sign that this is getting closer. So far today, the vectors appear to support the attempt but a few more sessions may be required to confirm.
Original post-
The original fibonacci extension used from the 3/23/20 bottom was short. Looking at an extension for VXX: [wave 3] = 2 x [wave 1] now appears to be coincident with the converging pattern below. This is occurring while breadth is printing steady negative values and other surrounding criteria are at significant zones. Summation index may need to print a secondary peak on the weekly chart which could happen in the coming weeks as the market fills gaps created on this recent decline. There is always room for new market highs to print but they may be short-lived if they diverge from increasing volatility.
Vix has spiked to 25.5 which was close to spike at 27.5 previously on 5/12/21 and often, as a pair. they flag at the beginning and end of a terminating bullish sequence somewhere about 50-70% up the overall leg particularly when they align with the declining [VectorSpike] indicator as shown below [note- 'roll over' accelerates down almost exactly in the May date window of the first VIX spike].
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