The VIX chart versus the S+P. Previous lows in the VIX have occurred in the 15-16 range - http://stockcharts.com/c-sc/sc?s=$VIX&p=W&yr=4&mn=0&dy=0&i=p52632040347&a=254333786&r=764 http://stockcharts.com/c-sc/sc?s=SPY&p=W&yr=4&mn=0&dy=0&i=p56934125591&a=254334423&r=1580