VXN
OK so this is the first post about the markets. I will be looking at the VXN (the CBOE NDX Volatility Index).
Where I see is: I can see VXN pulling back for a little maybe towards the 56.4 level (not necessarily) and then shoot up to test the previous highs of 80.6 and 86.5 respectively. if the VXN manages to break those highs the next stop can be be as high as 94.7 (the 123.6% Fibonacci projection).
Alternative scenarios: the other possibility is that we go back to the 49.4 level which should act as a strong support but if broken we will see volatility at levels we haven’t seen in what feel like a long time, could go back to 36 and 22 respectively.
this is not a recommendation for a trade, it’s just my view on the market. please don’t act on it and do your own homework.