VIX completed the three blue arrows, and has, in fact, declined as predicted by the Cycle.
The first yellow arrow target has been reached both in terms of timing and price. VIX should be near the yellow arrow Cycle low currently.
Next, the Cycle shows VIX advancing up to test approximately 16's near the red line again. In accordance with the Cycle, it will likely be a violent spike up for VIX. Timing is anticipated to be due late July.
SPX is peaking with a decline anticipated for the rest of the year. The current market is simply quite overextended, and exhausted.
In contrast, VIX bottomed in March of 2013 - a year ago. VIX has been rising for over a year, and that is a clear warning signal.
A decline for SPX is likely to be choppy with significant bounces on the way down as it corrects to the trendline from 2009. A 250 point decline is estimated for SPX from the current level, and that represents a 13% decline.