The VIX low was 8.56 on November 24th, 2017. It has never made a lower low subsequently. But the SPX has made higher highs and higher lows. The Vix was refusing to go lower. The telegraphed signal to fibo was therefore, "complacency has hit a rock solid shelf and cannot go lower - therefore the shelf willnow be used as a springboard to leap and slingshot" It did exactly this on January 26, 2018.