Using a harmonic pattern detection script developed by reees alongside RSI with a 15 minute timeframe, we see that 
SPY has a huge upside potential to ~$588 while the 
VIX is showing that it has a high chance to sell off. With the RSI break above its moving average for SPY and below the moving average for VIX, the patterns potential completion is strengthened. Usually, based on historical data, when both these instruments show an anti-symmetric pattern potential, it typically has a high chance of succeeding and reaching the potential price zone.
SPY has a huge upside potential to ~$588 while the VIX is showing that it has a high chance to sell off. With the RSI break above its moving average for SPY and below the moving average for VIX, the patterns potential completion is strengthened. Usually, based on historical data, when both these instruments show an anti-symmetric pattern potential, it typically has a high chance of succeeding and reaching the potential price zone. 
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.