With the indexes seeing a crazy intra-day swings, its almost a little surprising the VIX didn't break into the 18s. Regardless, on the VIX appears to have stabilised from the earlier smack-down, closing moderately lower, -3.9%, to settle @ 16.46
VIX, daily, rainbow
The late morning ramp in the indexes saw the VIX put in the one if the biggest hourly declines that we've seen in weeks. That was a truly fierce snap lower, but as things closed, it looks like the hourly cycle is suggesting we've floored.
*note that despite todays decline, VIX, rainbow chart is still green.
Sub'wave 2 complete?
Thats the real question right now, and if it is, we should be looking for the wave'3 to least break into the 19s. At this point, a break into the low 20s seems very unlikely.
More later, on the indexes.