Is is a snake or a *dragon* lurking?

Today, as I continue my daily monitoring of the vix, something seems amiss. Based on the previous two mini-crashes, we should already have seen the most powerful part of the impulse already, taking the market to an intermediate bottom. However, as strongly as fear has grown in investor sentiment, no significant drop has occurred. We are a mere 5% away from ATHs. Could it be that I am wrong and volatility will soon drop like a stone?

Or... consider this... could I have misplaced my original blue (1st wave) window? If this is the case, then the second (dark blue) window I drew could be the 1st wave and... we are likely to witness the *greatest* volatility spike our generation has ever seen. It would mean that the developing vix spike is at least 3x more powerful than the Feb 2018 spike. During that event the spx dropped 300 points in four days.

So...
Am I out of my mind and and the bulls are about to crush the snake that has bitten or...
Is the snake about to transform into a fire breathing dragon that will take the spx down 900+ points in a matter of days?

Consider that. Stay safe. Cash + a bit of silver and gold is what I suggest.

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Ready or not, whatever the beast is, it is hatching!