$VIX = Weekly Update = 26.11.2021 #stockmarket $vxx #investing #trading

VIX closed the day and the week with very bullish candles, opening a chance to print a bullish candle on the monthly chart. Let’s try to decipher the candlespeak on every frame.

CANDLES

Weekly
The weekly candle is a Maribozu with an almost non-existent upper wick. This is very bullish.
If we compare this candle to the one made in the last week of February 2020, today’s one is considered more bullish than the one that started the 2020 crash. This is just one perspective.
Another one would be the monthly that will be printed on Tuesday. If the market does not rally hard in the next two days, the chances of a bullish Engulfing on a monthly frame would remain very high. Such event would almost guarantee a bullish continuation for at least one month. If so, it could be a very interesting December.
Odds: Bullish

Daily
The daily candle is more bearish. Its shape close to a Hanging Man and is fully above BB. The most typical move in the next few days would be sideways, to bring the price back into BB. A hard reversal down is also possible as VIX is very overbought.
Odds: Neutral

While the short term direction is not clear, the longer term (weekly) is bullish and the next two days would be crucial for setting a monthly path.

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