The players in the markets display no fear and this VIX chart perfectly reflects this cool and calm behavior, that is for now. The complacency they display will not last, but it still can fall some more.
All my arrows point to open gaps and I have an extremely high degree of confidence, that all these big gaps will get filled in due time. Folks, this is not really rocket science, as the contrarians fully understand how to use the VIX as a contrarian indicator.
It may even be this year or during the fall. The stock bears will get ready to attack when these VIX bears are killed off, as they feel confident in their direction.
Any trend can never be maintained as the VIX can't go to zero, but has a blue sky ahead if it wants to roar, or is ready to reverse this trend. This may still take some more time going down, but the bottom of the trend line may be a good target area.
The HDGE and the VIX make a good pair of contrarian indicators, when analyzing and trading the SP500 or the DJIA.