This is the March VIX contract which matches the March SP500 contract month. It also produces a much different pattern than the cash VIX does as it flows much more smoothly. In reality, there is nothing smooth, about fear indicators as they all can swing violently in any direction at any time.
In the end they still form Elliott waves. From mid December this VIX chart had a huge crash which looked like a great zigzag. 5-3-5. Then what happened? The VIX turned and exploded into a 5 wave sequence and completely retraced the December
zigzag crash. I mention on a previous update that this may happen, as last wave diagonals can create some real radical moves. The most important thing is that the zigzag was completely retraced. Only in extremely rare instances like in a triangle that this may not happen, but then all of the 5 triangles get retraced sooner or later.
Today we also ended on a spike to the upside which is sending a signal that a correction is due or even better yet, another trend has resumed where the VIX can crash below the $18 price level.
Technically, I would need a 3 wave crash if the whole thing is in a diagonal, which still should send it below the $18 price level or triple like bottom.