It is not the "value" of the Vix which is that important (it is, but then all the bear were crying "foul" when the vix got under 20 and it has been there for a long time now), it is its direction. Right now we have a "small change in direction", but I expect a "double bottom" to form (and if it does not make a new low, then possible confirmation of a major top in place). For that to happen, the market must once more go up (and Vix go down).
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