If the one-day 99% VaR of a portfolio is correctly estimated to be $18,000, one would expect that

		In 1 out of 100 days, the portfolio value will decline by $18,000 or less.
		In 1 out of 100 days, the portfolio value will decline by $180 or less.
		In 1 out of 99 days, the portfolio value will decline by $180 or more.
		In 1 out of 100 days, the portfolio value will decline by $18,000 or more.