The decline in the VIX is kinda ironic considering that the market is seemingly becoming more volatile in its daily percentage moves in the past few days.
Lets look at two of the broad near term alternatives, as well as the important weekly..and a standard rainbow chart too.
VIX, daily, Bullish market
VIX, daily, Bearish market
VIX, daily, rainbow
VIX, weekly
Summary
VIX looks set to hit 24 within the next week, before some kind of pullback. Whether that pull back is just a little..or last some weeks - even a few months (during the facebook IPO?)..we'll just have to see.
What matters I believe is that for the moment, the weekly VIX cycle remains Bullish, the upper bol' easily allows 24..which considering we're currently in the 18s would make for quite a nice move.