Before the market opened on Friday, I had mentioned that the bottom should fall out of the next dip based on a short term symmetrical pattern. I was referring to the following complex topping pattern.
The tops are symmetrical, and also the time is equal to either side of the cycle line.
My previous analysis indicated that VIX should form a triangle prior to a major spike up. The triangle has formed, and the breakout occurred on Friday. Notice that both light blue lines intersect at my cycle line. In my view, this further confirms that I have the symmetry correct.
Watch the light blue line and red arrow!