VIX nearing long term support

VIX has been bludgeoned incessantly since last summer.  It is back into the 14’s and is hovering just above 5 year trendline support at the bottom of what appears to be a falling wedge.  Boy, does this setup smell like a sell-off around the corner or what?  Each of the last two years has seen the market top in the first week of May or so.  I suspect we may be on course for something similar again this year.

 

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