A fractional decline in the VIX today. The daily cycle is suggesting downside momentum is beginning to wane. A new up cycle is well overdue.
The underlying MACD (blue bar histogram) cycle is suggesting a new up wave is due, but it really might not amount to much. If we can't even break into the 17s, then those looking for VIX 12...even 10, will have a chance by early September.
However, what remains clear, for those buying long dated VIX calls at these levels, there sure is an awful lot of upside potential.