VXX is Slow to Anticipate the Onset of a Meaningful Correction in SPY

Even though the major averages might have started a correction, the IPath S&P 500 VIX ST Futures ETN (VXX) certainly has not rocketed in anticipation of such a scenario.

Let's notice on the enclosed chart that the VXX upmove off of Friday's intraday low at 12.85 has not (yet) inflicted major damage to the otherwise still intact and dominant downtrend.

To do so, VXX needs to claw or spike its way above 13.90-14.00, which will trigger higher projections towards a test of its April-June resistance line, now at 15.25.