Local Bottom for VXX?

Yesterday the VXX bounced off of the 200% Fib extension almost on the nose, which is a good signal that we may have formed at least a local bottom. 

We still have yet to see a full 5-wave move up off of the lows, however.  Therefore, we don't have confirmation that we may have struck a larger degree bottom just yet. 

Because it is likely that we are dealing with a diagonal down off of the 32.47 high, I have to rely more on larger degree price support and resistance levels rather than a shorter timeframe structure to help give better guidance as to where we are in the count. In this case, that price resistance level does not come in until the 21.69-22.99 zone. 

So given that we do not have full 5 up off of the lows just yet, unless and until we are able to break through that zone I still have to remain somewhat cautious here. 

VXX  60
VXX 60
Michael Golembesky is a senior analyst at ElliottWaveTrader covering US Indices, the US Dollar, and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trading service.