VIX

I almost forget that our old friend the VIX existed.  I am sure it will come front and center at some point in the not too distant future as I am becoming increasingly bearish on the intermediate - esp. if the broad markets hold support and the PM's and commodities turn back up.  There is a case for a very bearish 2011, where Prechter will reassert himself and today's greed will be a quaint memory.  We'll look at this in NFTRH110.

But for now, I am not so sure that is a falling wedge in the VIX (bullish for VIX, bearish for market) because I have seen this indicator bullishly flag so many times in the past, only to break down further.  Could VIX be headed for new recovery lows into a 'C' correction leg off of the 2008 climax?  Only your crystal ball enabled market guru knows for sure.  I however, am guessing that the bears are not quite ready for prime time, even considering this week's plethora of negative news and market activity.