Here is a daily chart of the VIX. This index runs counter the S&P meaning a Buy signal on the VIX is a Sell signal for the S&P.
The lower right hand side of the VIX chart shows three "5's" indicating that a completed 5 wave down move is at hand. This 5 wave down sequence began at last November's price lows with the VIX above 80. If VIX is headed back above 80, the market is in big, big trouble.
The 120 minute VIX is already Long:
One more brick in the wall......