Considering it is October, VIX in the 16s remains a truly remarkable low number.
VIX'60min
VIX'daily
VIX'weekly
Summary
VIX managed moderate gains, but remains in the lowly 16s. The hourly chart offers potential for a significant opening gap up of 15/20% on Monday. The bears could start the week in top form.
The daily cycle is still very muted, although the current trend is certainly to the upside.
The huge weekly VIX cycle continues to offer very large upside, first target would be the upper bollinger of 22/23 - which could be hit at any point in the immediate term.
The VIX will doubtless explode at some point, but clearly, there is no sign of that happening right now. The potential is there, but..there is just not the momentum..yet.
More later.