Seeing a lot of people positioning themselves for a FOMC/ OPEX bounce and given how oversold we are on the hourly and 2 hr frames, it is not unlikely and probable. I am not anticipating a sustained bounce as 7 out of 7 times VIX has spiked as high as it has, we have seen the following on the daily (highlighted in the yellow boxes)
-stochs < 20
-CCI < -100
-very close to or touching the lower Bollinger
before a reversal
So I am guessing we have completed the 1st leg down and the 2nd leg will bring us to the low 200's in SPY, maybe sometime next week. If it happens I will be looking for long setups.