VIX has found some support around 12. From a longer term perspective we are at the lowest end of a huge sideways market between 11 and 22. In my opinion we are seeing some consolidation (“flag” on the daily) before the next drop. A close below 12 will open the door to a new yearly low.
VIX daily chart:
Chart courtesy of StockCharts.com. http://stockcharts.com
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