Expecting S&P 500 to drop at least 11% within next month. This could be spurred by Fed, BoJ, or US election debates.
The last 3 times this indicator was this high, the DJY0 dropped about 15% and 12%. Last time this drop was due to the Fed deciding to raise rates, the drop was 11.95%. It would be safe bet a drop of at least 11% could occur over the next month.