I am comparing current VIX pattern with that during 2007-2008 period.
Note this is PURELY speculative and does not mean to predict what will happen.
Given the rounding bottom support, I suspect VIX does not have much more room to drop and may start to vibrate within the box.
Note higher VIX does not mean a declining market, it just means market is more volatile. I do expect market to drop but that expectation can be wrong. I will know I am wrong if the market can make a all time new high, etc.