Even though we are once again re-testing the lows in the iPath B S&P 500 VIX S/T Futs ETN (VXXB), my base case remains unchanged on this.
Bigger picture I am still leaning towards this forming a larger degree bottom for all of wave (B) as shown in white, which should ultimately take us back up over the 52.16 high prior to breaking the 25.78 low. Upper resistance comes in at the 35.86 level and it would take a move through that zone from a pure price perspective to suggest that we have formed a bottom. Of course, since we are looking for a large wave (C) to the upside, I will also be looking for a clean five-wave move to the upside to also give us confirmation that a bottom has indeed been struck in all of wave(B).
On the smaller timeframes, we sill need to see a sustained break through this trend channel, which we are currently testing, followed by a move through the 32.80 level to give us initial confirmation that we have indeed bottomed in this potential Ending Diagonal that I have been tracking since yesterday.
Until that occurs, it is still possible for this to swing down lower for one more low for an extension of the ED prior to striking a bottom. If we do indeed break lower, the next key fib I have below comes in at the 30.43 level, with the 29.15 level coming in below that.