If that level gets passed, we can confirm that the bull market has resumed and the recent "slump" was just a retracement on a larger scale.
However, if the resistance holds ground, another retest of the recent lows might be possible.
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We kind of see that the VIX ETN deal should end, and then clarity will unfold. The event is planned for the 20th of February, when Credit Suisse ends the note. By then the index should either break to the either side or get squeezed in with the two seen trend lines meeting on the 20th.
However, the analyst, who is looking into equities, personally is tilted to the bullish side. Due to the fact that the whole slump was created by a systematic issue, and the technically dominant pattern is still bullish. That is also consistent with the yearly equities forecast that we published at the start of this year.
One thing is for sure - there will be some more volatility, and with proper risk management traders can cash in on that, if they react on time or set up their orders properly.
By the way, why are you long until exactly December?