VIX Volatility approaching a peak. Bottom sign for stocks?

Last time we looked at the Volatility Index (VIX) on February 06 (see chart below), we caught its exact price action up until the current high:


It didn't affect the stock market though up until last week but the price is already approaching peak values. The long-term pattern has been a Channel Down since the September 28 2022 High and every Lower High since has been around the 0.786 Fibonacci retracement level, completing at least a +80.56% rise from the Lower Low.

This zone currently falls between 20.05 (Fib 0.786) and 21.30 (+80.56%). That is the level we expect for VIX to peak, form a Lower High on the long-term Channel Down and a Higher High on the short-term Bullish Megaphone and then start a 2-3 month decline (Bearish Leg).

The previous two Bearish Legs have been fairly symmetrical (-61.52% to -63.56%) so technically we are looking at a 9.00 minimum Lower Low (-61.52%). Our Target is however slightly higher at 10.10, in case each Lower Low is formed on a decreasing rate.

Once VIX peaks and gets rejected downwards again, we will have a legitimate sign that the stock market volatility will start to ease and a bottom will be formed.

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