VXX Bullish Breakout Coming?

VXX - 60 minute here at the close. I am leaning towards this either being a series of nested 1-2s to the upside off of the 38.12 low or a leading diagonal off of that low. Now with that said we still have yet to technically invalidate the bearish impulsive count to the downside but the wave (iv) under that case would be very large and out of proportion. The other bearish option would be for this to be a wave iv of a non-overlapping expanded ending diagonal which is also not highly reliable. This is why I lean towards the bullish counts at this time but I will be keeping a close eye on support tomorrow as we still need to break through resistance to confirm the upside bullish path.

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.