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VIX (VX) Slides Back to Below Key 20 Level

The VIX (VX) has slid since Friday back to near its 2021 low, getting rejected at downchannel resistance (on the weekly chart) and the 38.2% Fib retrace of the January to August slide. Significantly, despite the strong profittaking since Friday, odds are moderately high for the VX to break above the weekly chart downchanel resistance by month end, with volatility sure to surge following Friday's highly anticipated Jackson Hole (moved to a 1 day online event). There's a good chance any major trend reversal waits until Monday after a weekend of digesting Friday's comments. The weekly, daily and 4hr RSI, Stochastics MACD are mostly bottomish. I am looking to go long in the green zone (of the daily chart), targeting the red zone for Monday. The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).

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