the VIX index is testing resistance around the 46 level on the 60min chart. There have been 4 recent attempts to break through that have been rejected. Now a 5th try will probably happen on Monday. Usually when there are multiple attempts to break resistance in a descending wedge, the attempt eventually succeeds.
FWIW........if you draw a line from the Jan-15 peak to the Jan-20 peak AND keep your green line along the bottom, you have an expanding wedge. That is generally perceived as being a continuation pattern.....to the upside. We'll see how it plays out.
Although its very early, its begining to look like a breakthrough Financials, which have been the big laggards this year are up 4% Today's tick chart is very bullish as well with the lowest tick values only around -200