VIX broken out of pennant pattern? Target 55? I don't see how considering how oversold we already are, but I gotta go with what the charts are saying. We'll see.
Unfortunately, we don't have data on this for another bear market. I'm guessing 85% downtrends is probably reasonable considering it happens in the medium and short terms.
It is hard to see, but hold short medium term increased today.
Same for the short term.
"ECCLES: We created it.
PATMAN: Out of what?
ECCLES: Out of the right to issue credit money.
PATMAN: And there is nothing behind it, is there, except our government's credit?
ECCLES: That is what our money system is."
-- Federal Reserve Board Governor Marriner Eccles in testimony before the House Committee on Banking and Currency in 1941, during questioning by Congressman Wright Patman about how the Fed got the money to purchase two billion dollars worth of government bonds in 1933.