VIX: Reverse Head and Shoulders

The VIX has been hanging out in the 30 territory for a few days now, and if the reverse head and shoulders pattern works out (as they almost always do), be prepared for another leg down in the market and a 47.50 VIX.

Headlines on Marketwatch tonight prior to this post,
"WaMu Bank Failure Biggest in US History."

There is certainly enough fear building up to hit a 50 VIX, lets just hope
the Fed can step in to avert it. Although as I trader I can take advantage of it, I am more in favor of a stable economy and stable markets.

Be prepared and trade safe.

VIX Daily Chart: Reverse Head and Shoulders