There is no doubt about whether or not the weekly VIX has broken out. A higher low and a continuation move higher will confirm it's change in trend. Look for new VIX all times highs to follow.

Here is a chart of the Wilshire index. There has been a clear 5 waves down to complete either the larger degree 1st wave down or an A wave down of a corrective. We are now working on what appears to be either a wave 2 or the B wave of the corrective. The wave 2 or B wave will be composed of three smaller degree waves labeled a-b-c which should retrace 50-61.8% (could retrace 100% and still be a valid a-b-c pattern as long as it doesn't make a new high) of the drop from the high. Upon completion of the a-b-c pattern of the wave 2 or B wave there should be a drop below today's low which will be either a wave 3 or C wave.

There is no way to determine yet if this is a corrective off the high or a new larger degree downward trend.

Market is setting up to put in a top. May have just a slight more upward movement but should be done in the next day or two. The blue lines mark an expanding ending diagonal pattern. It is currently on the fifth wave of this pattern. There may be some overthrow above the blue line which is not uncommon for the fifth wave of this pattern.