The VIX Cycle predicted the spike up to 50. In the Cycle, VIX is likely working it's way towards the brown arrow Cycle lower high. The action in VIX recently has been relatively quiet though, and VIX tested 30 last week which historically has been a significant resistance. Short term support is around 20.
There is no panic currently. Overall the VIX Cycle does show the brown arrow lower high forming, but continues to decline from August with the Cycle showing lower lows (below 12) for VIX later this year.
VIX Cycle 1: