The VIX was sporting that classic head and shoulder pattern. Let's face it, head and shoulder patterns on the $SPY haven't worked out so well over the last 8 years, but the VIX? Any bearish formation usually resolves as planned for the VIX. As such yesterdays recovery... would it follow through today? I posted this chart in the chat room:
and this morning the VIX is continuing its plunge, down over 9%.
Also note that last month the VIX was elevated into OPEX, and the following Monday dropped 25% Today is OPEX.