The VIX rocket move perfectly reflects the fear that was present in the SP500 and the fear gage is starting to dissipate for now. Of course, if the bigger bearish scenario is alive, then the VIX should find a bottom, followed by another leg up. This leg up could produce another complete set of 5 waves up, but not before a good correction has taken place. This may not happen until the VIX settles at the previous bottom of the 4th wave position. Just below that is a big gap that is still open, so this open gap has a good chance of also getting filled with this trip down. Just under $15 would close the gap which can repel the VIX to soar again.
Higher lows also have to dominate as well to help confirm that the VIX is still in a bull market.