Previously, I've spoken about using technical analysis on the VIX, so long as it is only about creating boundaries of prove and disproof. Well, a solid break below what seemed to be a base of around 23% certainly disproved the 23% base hypothesis.
The new one is to expect declining average VIX levels. Despite every bit of negativity in the real economy - green shoots or not - stocks just want to grind upwards.
Some are prompted to predict a multiyear bull on that basis... whatever. But right now, folks are comfortable with buying stocks.