VIX formed the purple arrow Cycle low. The result was a breakout for VIX above the white trendline.
Next, VIX should be rising to the blue arrow Cycle high. Unlike the past spikes for VIX, this time VIX should remain elevated as the blue arrow high forms over a period of 1 to 2 months.
VIX is testing the red resistance currently, and may need to consolidate somewhat before continuing to rise up to reach the blue arrow high.
VIX Cycle 1: