When I look at this VIX monthly chart it is impossible to count each little wave as there are no impulse waves to count. VIX and any commodities belong in the diagonal world where all the Elliott Wave impulse rules are broken. This is how options also behave because the VIX is built on using SP500 options. Each spike to the upside represented a “Buy” signal in stocks, but we are nowhere near that point at this time.
The VIX should eventually see that $90 peak again but not before any potential “A” wave in Primary degree arrives. Any move above those $50 spikes, would start to get us close. Any “B” wave top in the VIX would be a stock market buy signal. Watching the VIX is about as exciting as watching paint dry, so not to many analysts even give the VIX any attention.
The VIX is an emotional indicator, which is a “fundamental indicator” which can be used for the EWP.
The commercial hedgers are still net long, but it is starting to shift. When the commercials have built large net short VIX positions, then the end of the VIX bull run would be getting close.
That $9 base is huge so at some future extreme when the VIX hits $9, you know it’s high time to run to cash.