Targets as well-defined and compelling as the one shown rarely disappoint. What this implies is that S&P 500 volatility, which has been in a multi-year bear market, is about to reverse and move higher. If so, it is logical that the stock market will make an important top that is more or less coincident. Traders and investors should position accordingly.  If VXX’s expected bounce from 25.43 is sharp because the broad averages have taken a steep dive that day, take it as a sign that a powerful correction, or possibly even a bear market, has begun, and that ‘buying the dip’ could therefore prove to be a dangerous strategy.