The VIX index is pretty low compared to 2008/2009 levels but it's starting to fly again.
About it's chart we can see two possible situations. Seems like Shanghai Composite is following 2 main channels.
I recommend to take a position after the breakout of any of this channels.
Also we could think the is just a dead cat bounce, this could be true if it tries to fill the gap at 3240.
So I conclude Shanghai Composite could keep going down if breaks the making other index correct.