Looking at the daily chart, it may find some support in this area. To move from 30.50 last week to 21.18 today was a quick drop that took many by surprise including me. I was still waiting for the other arm to drop and give us a 35 VIX before a bottom could be hammered out. Teaches me another lesson on trying to out-think the market.
If this area holds and the VIX bounces back up a little then we're in for a pull back, if the VIX continues to drop the rally will continue.
VIX Daily Chart:
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