The VIX spike was a capitulation

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VIX does not go to 65 just because it got a mood swing. Such moves are slow and steady during the stages of a bear market. After spending time in the 30-50 range we breakout to 80 in the last stage of a bear market. If you spike to 65 one day and close at 35 or lower, then it is a spike and best called the capitulation of bulls [who lost control and sold everything they own on one day]. So, it should usually mean that the worst is over. Ideally, it is a V-shaped recovery, but who knows?