Could a double bottom be forming in the VIX index? A break above 19 would confirm the double bottom for a rally towards 23.79 and a break above here will confirm that an important bottom was seen at 15.37.
The falling Ending Diagonal finished wave B and the break above the resistance line warns that a period of increasing volatility is under way again. If my count is correct we should now be in the very early part of wave [C], which should at least reach 50.93 longer term.
The break above the upper Bollinger Band, tells us that we need a couple of days of consolidation back towards the middle band at least, but also warns that we could be in the very early parts of the new uptrend. Also note that the middle band is curving slightly upwards warning of a possible new uptrend beginning.
