If the close is higher than the lows of December 2019, January and February 2020, and July closed bullish then we may expect a spike in volatility that could last for a while if it gets past the resistances.
It is this fractal narrative on the monthly that will play out on the yearly.
Not more than a block away are the lows made in the 2008 financial crises as well
VIX Yearly Chart
In the chart above we can see that price is trading near the lows of the range, which has acted as support for 30 years.
There are some key closes that need to occur first.
The Monthly and Quarterly Close
VIX Monthly Supports and Resistances
This months close, which also coincides with the close of Q2, is crucial in determining likely momentum.