With the indexes having a nice reversal from the opening gains, the VIX closed a moderately 4% higher to 18.72. In the scheme of things, volatility remains low. Only with a VIX over 20 can anything 'exciting' be expected to happen.
VIX, daily, rainbow
We have the first green candle on the rainbow chart, and that is arguably the most bearish aspect of the market action seen today.
First target remains 20, then 21.50//22.00. VIX'22 is viable by late Friday.
The bigger cycles still suggest VIX 30s..even 40s within 3-5 weeks.