how high this rally, page-22

to answer my own suggestion, the daily atr of the vix index is currently about 3.25, having fallen from 3.5 at the low of the price decline. Its also about 1-2 points off major support. My interpretation is that the volatility of the volatility meter has remained high, its just that its been upside volatility - people rushing to the other side of the ship. Now that the vix is close to major support, we can expect it to bounce in the next day or so. That means price moves down. A break of vix support would tend to confirm the bull move has further to go.