The VIX charged up from the bull flag pattern shown in April. Now, it is ready to cool off for 2 weeks. Following the cooling off period, the final VIX spike is anticipated to reach the target zone in the 2nd week of June.
It is important to emphasize that spikes in the VIX are characteristic of bottoms in the market. Not only that, but the market bottoms tend to last for a while afterwards.
The bottom for SPX should be within only a few points. SPX is set to rally very strongly off this low for a 2 week period. Interestingly, the final spike for the VIX in June is anticipated to correspond to a higher low for SPX.
Below is the chart from April 29th:
"The VIX chart originally shown on March 29th worked well for April. Currently,
there is high potential for a large spike up in the VIX. Complacency is