VIX has been battered and beaten...Looking at the SPX , it has made a higher high today (20 May), however VIX did not make a lower low. This is a bullish divergence for the VIX . Put-to-call ratio hit a low today as well, bullish indicator for the VIX . I am calling target, but not sure on timing. My best guess is 2-4 weeks, but this could take a bit longer than that and in the meantime we could revisit mid/low 20s again.