Most Immediately Bullish Path Intact for VXX

The white count on our chart of the iPath S&P 500 VIX ST Futures ETN (VXX) is still my primary path, but we need to see a strong move through yesterday's high to confirm that we are already breaking out in wave ((iii)) of iii to the upside. If we can indeed get through the HOD, the next key overhead pivot I have comes in at the 44.86 level, followed by the 46.41 level.

A move through those two points then opens the door to see a move up towards the 48.91 which is the next larger degree pivot point. Through that level then opens the door to see a move into the 52.95-57.00 target zone.

Micro support to the downside currently comes in at the 42.70-41.88 zone, with invalidation of the most immediately bullish path at the 40.60 level.

So as long as those levels hold, the most immediately bullish path remains intact and pressure remains up.

VXX 60
VXX 60
Michael Golembesky is a senior analyst at ElliottWaveTrader covering Forex, the S&P 500 and the VIX. He contributes frequently to Avi's Market Alerts service at EWT while also hosting his own VIX Trade Alerts service and co-hosting the EWT Forex service.