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VIX (VX) Testing Weekly Chart Downchannel Support

The VIX (VX) is trying to firm after slipping last week to a fresh 2021 low. Significantly, odds are elevated for a strong bounce this week as the VX tests downchannel support (on the weekly chart). Any daily close above downtrend resistance (on the daily chart) would dramatically increase the likelihood of reclaiming the September low in the few days after. The weekly Stochastics and MACD are still sloping down, weighing on the bottomish daily and 4hr RSI, Stochastics and MACD. I am looking at entering 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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