Most Immediately Bullish Path Intact for VXX
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The white count on our chart of the iPath S&P 500 VIX ST Futures ETN (VXX) is still my primary path, but we need to see a strong move through yesterday's high to confirm that we are already breaking out in wave ((iii)) of iii to the upside. If we can indeed get through the HOD, the next key overhead pivot I have comes in at the 44.86 level, followed by the 46.41 level.
A move through those two points then opens the door to see a move up towards the 48.91 which is the next larger degree pivot point. Through that level then opens the door to see a move into the 52.95-57.00 target zone.
Micro support to the downside currently comes in at the 42.70-41.88 zone, with invalidation of the most immediately bullish path at the 40.60 level.
So as long as those levels hold, the most immediately bullish path remains intact and pressure remains up.
