VXX (ETF for VIX) is a measure of market volatility, when it rises, stocks go down, when it falls, as shown on this chart, the market rises.
The above chart is set up for an Advanced GET, EW "Mechanical Buy Signal" with the bottom oscillator failing to confirm the new lows in the index. The trigger will be a rise in the VXX sufficient to trigger a Trend Model Buy Signal. A prior occurrence of this set up is seen on the chart in late January and it captured a brief, but tradable rise in the VXX with a corresponding decline in the markets.
You can trade the VXX directly, or trade the underlying market indexes. Should this signal be triggered and in light of the severely overbought market conditions, I will be looking for leverage to Short one or more major market averages.