On the 4h candle chart, we can see the range of candles is very narrow along the small decreasing channel, showing the some sort of consensus around the price of the VIX.
We can see the RSI also evolves in such a channel.
If the pattern would come to break, the VIX would probably come to test the Senkou Span B ($50) of the Kumo which is one of the strongest resistance in the Ichimoku system.
A possible trade is to enter at the channel breakout (which beautifully coincide with the breakout of the Tenkan Sen) and target a bit below the $50. You would have your stop loss at $41 just below the lowest red candle.
We can see the RSI also evolves in such a channel.
If the pattern would come to break, the VIX would probably come to test the Senkou Span B ($50) of the Kumo which is one of the strongest resistance in the Ichimoku system.
A possible trade is to enter at the channel breakout (which beautifully coincide with the breakout of the Tenkan Sen) and target a bit below the $50. You would have your stop loss at $41 just below the lowest red candle.
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Scenario was invalidated. But another long setup on the VIX might occur.