VXX Bottom watch continues - could be very close (or already in)

I like today's setup on the VXX from a bottoming perspective. I've made the case for blue 1,2,3 and 5 in the past.  That is still a strong case.  That means we should be working on the 5th wave.  In fact, there is a reasonable case to be made that this is actually the 5th of a 5th of a 5th.

The major strengths of this setup are marked on the model:

• Strong parallelism at several degrees of the fractal
• Strong alternation 
• Wave 5 is now about the same strength as wave 1.  Wave 5 is unlikely to just keep extending because wave 3 appears to be the extended wave in this sequence. You normally only see 1 extended wave and it is usually the 3rd wave.  That seems to be what the chart looks like below.

Weakness in this model is also indicated on the chart as circled in blue.  I'm still not sure how to model that big spike.  It fooled me before but that is what it is supposed to do.  However, since I believed I was in the final wave I decided to not try to trade in and out on this.  I'm just letting my modest bet ride.

A major strength of the model which is not marked on the above chart is the volume spike this ETF have been seeing.  As I noted a few days ago during the head fake, we are seeing significant volume spikes and the recent ones were taken out at the ask (means someone took the asking price instead of waiting for someone to hit his bid price).  When you see volume spikes like this which are driven by the buy side, it is a good indication that the big, smart money is getting in.

I also like that the 5th of this 5th came all the way down and kissed the 1-3 line and that it did so in 5 perfect waves.  That is pure EW playbook.  I will be more than a little surprised if this is not at least some kind of near term bottom.  If so, we can expect some fireworks on Monday.  I wonder what the market will use as an excuse to generate fear.  Time will tell if any of this is correct but again, the odds look especially high on this one (90+% IMO).