For the fourth time since October 11, 2007 the VIX is approaching the 15 level. Each time this occured it was accompanied by a selloff. Will this time be different? It's possible, but beware a false breakdown in the VIX that sucks in the last of the bulls.
I suspect we may see a new 3 year low in the VIX coinciding with a market top. However, the subsequent rise in the VIX should be limited to the July 1 high of 37.58 which is the origin of the declining wedge pattern. This should correspond with a wave C or 2 low.
Any sustained break of the 15 level would indicate the SP500 is ready to run to its all time high now instead of later.