As indicated in the following VIX chart, we can see a giant falling wedge is shaping out. Especially the resistance is clear now. It is still unclear where the support will be. But it will certainly be within two red dot line once the falling wedge shapes out. We are in processing to find out that support though the support is not important for us anyway. We are more interested in keep our eyes on vigilantly should VIX sudden violently breaks out the resistance. If that happens, then market melt down will be ensured. Even if VIX does not spike in near term, we should always keep in mind that in the longer term frame, a break out to the upside will always be the case.