Candles of $VIX signal an entertaining week ahead. Let’s have a look at the weekly and daily candles closer.
Weekly (right chart)
The Bullish Engulfing on Jun 18 (the last big green candle) is still in force. If was a great attempt to relaunch the decline, but it looks like it failed. This week green candle confirmed the reversal and closed above the 8 EMA line.
Daily (left chart)
On Thursday $VIX made a strong Bullish Harami combo and on Friday it was overwhelmingly confirmed by a strong green candle that broke through 8 and 20 EMA levels.
Odds: Strong Bullish
The candles point towards a rally on Monday and beyond.
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