Even though the major averages might have started a correction, the IPath S&P 500 VIX Sort Term Futures ETN (NYSE:VXX) has not rocketed on correction fear.
Let's notice on the chart that the VXX up-move off of Friday's intraday low at 12.85 has not (yet) inflicted major damage to the otherwise still intact and dominant downtrend.
To do so, VXX needs to claw or spike its way above 13.90-14.00, which will trigger higher projections toward a test of its April-June resistance line, now at 15.25.
