VIX is at the gap, and also near the trendline. Therefore, a bounce for VIX is likely soon. It might fill the gap first though.
It was an exaggerated spike in October, but it is apparent that the Second Yellow Arrow low is ahead. The August high for VIX was too flat. The spike in October fits the Cycle much better even though VIX overshot the blue arrows with surprising strength.
Expect some bounces, but VIX should see lower levels tested to form the Second Yellow Arrow low in the Cycle.
VIX Cycle 1: