VIX closed broadly flat today, but the underlying near term trend is still lower. Today may have seen the floor though in the mid 17s. The next move in the VIX will indeed be highly dependent upon the FOMC tomorrow.
Bears should look for a blue/green candle on the VIX daily 'rainbow' chart tomorrow at the close.
VIX, daily, rainbow (elder impulse)
We've seen a VERY significant pull back in the VIX from the 27s to the 17s. That certainly merits a very good wave'2 retracement.
Wave'3 should take VIX into the upper 30s...or 40s. The ultimate question remains whether VIX can break the 2010/11 spike highs of 49.
If we see VIX 50 at ANY point this summer, then the secondary doomster outlooks come into play.
More later..looking at the index daily cycles.