Even if VXX does close over 19, it will eventually drift back down toward 17 and below. Think if you had a great great grandpa who ivested and put stock certificates in a safe for future generations. As you open the safe, you certainly hope that he had stocks that were long the market, because likely worth quite a bit now.
With VXX, just the opposite, you know that over time, will lose money if long, and many more opportunities to make money if short.
The spikes higher are dramatic, but spkes can be few and far between.
The downward direction is much more consistent over time, and allows a short to make profits, though may be a grind. But, the profits are nearly guaranteed over time, similar to going long the market with an index fund over a long period of time.
With VXX, if you short and willing to hold position 6 to 18 months, you will make money. If not willing to hold position over 3 months, then must wait for major spike before shorting.
do .. the entire history of VXX has been during the most significant monetary easing program in the Feds existence. To suggest that there will be no change to Fed policy and that the market will continue to double every 5 years .. simply is ignoring the reality of time. Does the chart make it look like it will always be this way? HECK YA! But nothing lasts forever .. and my guess is .. monetary easing has a limited life span. Will VXX's pattern change? NO IDEA! But I do believe that if the rules change (discontinue monetary easing) .. the chart pattern for VXX might change also.