The blue arrow Cycle high appears to be complete. The Cycle predicted the VIX high would consist of three spikes. That has, in fact, been the case. The Cycle continues.
Therefore next, VIX should decline short term to the yellow arrow Cycle low. VIX around 10 looks possible for the yellow arrow low.
The Cycle suggests a volatile summer ahead though. Assuming the Cycle continues to play out at the current pace, the first yellow arrow low is due in a month or so.
4hour Chart
VIX Cycle 1:
