VX Bull Flags

This is an interesting chart here on VX. We have a series of falling wedges/bull flags. We have the longer term falling wedge and then the previous shorter term bull flag that led to a small breakout before eventually falling back down. Now we are seeing yet another bull flag/falling wedge, third in a row now. VX bottomed today at the bottom end of the current wedge and near all time lows.

I've been waiting for a significant VX breakout for weeks now, but it just hasn't happened. VX is being crushed over and over, but when the time comes it will breakout eventually. Hard to time, it has been failing almost immediately after every rally. We'll have to wait and see if this time is any different. I think if VX finally goes and NQ remains below 20k along with some more NVDA weakness, we'll see a big correction. Otherwise VX is just gonna keep decaying and the grind up will continue.