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VIX (VX) Slides to New 2021 Low

The VIX (VX) is trying to halt its slide since the August high, sitting near a fresh 2021 low. Significantly, although the VX is firmly still within a downchannel (on the weekly chart), the VX is poised to rebound with the 4hr chart descending wedge near completion. A reclaim of the psychologically key 20 whole figure level following Thursday's US ADP Non-Farm Employment Change data is moderately likely, although any retest of the August high will have to wait until at least following Friday's highly anticipated US Non-Farm Payrolls (NFP). The weekly RSI is still sloping slightly down, weighed by the downsloping daily MACD. 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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