Volatility has been low in January. VIX is experiencing resistance with the red and yellow midforks. VIX is approaching a bottom, but is still anticipated to move lower with complacency continuing to build.
Though VIX has some limited downside to test supports near term, the bigger picture is that the VIX target is in the 60+ range.
Let's take a look at TVIX aka the "widowmaker". TVIX will probably still put in a slight higher high first in coming weeks. The timing cycles suggest a potential bottoming date may be Feb 8-9th approximately.