1. As can be seen VIX has once again formed a bullish wedge which is ready to breakout in the very near future

2. Another way to look at this is by combining the 2 wedges which is forming a triangle ( see attached line chart). This is also showing signs of a breakout.
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3. 50d SMA for the PUT/ CALL ratio is at EXTREME lows; last seen in 2009 ! This is reflecting extreme complacency and it can almost never end well; a sharp correction is a given (see chart below)

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4. What would the catalyst be ? who knows... could be the FED meeting or something random that the market will conveniently choose to react to

STRATEGY: bought sept contract bull call spread (25/35)
breakoutbullcallspreadimpliedvolatilityLONGoptionsOscillatorsTrend LinesTriangleVIX CBOE Volatility Index

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