With US equity indexes closing moderately mixed, the VIX had to battle hard to hold minor gains, settling +2.4% @ 15.95. With the break of support (sp'2039), the door is open to another 2% lower, and that should offer VIX 18/19s. A bigger H/S scenario offers 1970/60, and that might briefly equate to VIX 24/27, but that really is 'very best case'.
Short term.. we're seeing a series of marginally higher highs.. and higher lows.
Clearly though, the VIX remains relatively subdued. A sustained break above the key 20 threshold looks difficult.
Even if the H/S scenario plays out to sp'1970/60s.. VIX will only very briefly spike to the 24/27 zone.. and that is out of range until next week.
more later... on the indexes