Yeah, another lame pun (similar to this one The Market Moves Vixenishly). Anyhow, I still think we have made a bottom in the VIX like I called in the post linked above.
So the question is: Does the VIX have to bottom and the market have to top at the same time? The answer is a pretty obvious: NO.
I think we have two more waves left in P2 (see this post Revisiting the Count), a B and the last C wave. I think the final C wave will make some *very modest* higher highs. In fact, I fully expect it to look like a double top. But I think these waves will be pretty volatile, moreso than the last series of waves.
Which fits with the count I should below. I think the last 2 waves in the market correspond with the pink 1-2 below, and the next 2 waves (the last B and C) in the market will form a blue 1-2 on the VIX. This will correspond with a large increase (wave 3) in volatility as P3 down gets underway in the market.