Notice the megaphone pattern which has clearly emerged. In my opinion, the SPX would need a possibly unprecedented move up ASAP, in order to make this anything other than a bottom formation on the VIX. With all the other sentiment indicatiors being triggered in recent days including volume triggers, outside reversals and broken trendlines, what should be expected is a consolidation flag led by a low volume retest. This could be a painfully slow roll over. A lot of people have their reputations invested in this so-called "new bull market".