VIX reached the target area and blue arrow Cycle high. Currently, VIX is near the pink support.
The Cycle shows two more peaks coming. The next peak is due in February and another in late March or April according to the Cycle.
Therefore, VIX is likely to find support soon and rise sharply to the next peak. The next peak for VIX may even be slightly higher than the blue arrow.
VIX Cycle 1: