VIX Technical Analysis (From 2013)

An old draft about VIX technicals that was never posted back in 2013... do you remember when the VIX was below 20?

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In a previous post (here) I mentioned the use of technical analysis (support and resistance) being used in the VIX. I thought it would be interesting to take look back on a week's worth of chart data. Who knows... maybe technical analysis is a self-fulfilling prophecy? What I do know is that other traders small and big are looking at the same things. Is it really a coincidence that price broke above the area of resistance (R1) but did not close above it, there's a candle that tested R1 almost to the exact point of 17.33. Notice in the third chart the area identified as support (S1), the price tested this exact area three times in a row. 

The VIX could be setting up to break the resistance area of 17.33 and move higher, if price closes above this area and continues, you would expect the market to be selling off making it favorable for bears/shorts.

What do you think, a bunch of "mumbo jumobo"? lol

chart 1
chart 2
chart 3

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