It will likely blow up in may for sure. 14 in may and 15 june VIX call options where may is one of the most volatile months in trading. I could see the VIX going above 20 sometime in May. This is a huge misprice and is setting up for a spike in May. I strongly suggest covering your short early May.
With all due respect, I heard this prediction in Nov, Dec, Jan, Feb, and March. Yes, I agree, eventually there will be a market correction and a pop in VIX. Until then fighting contango in a futures market will kill you, absolutely kill you.
If you must speculate on a market collapse, imo, it is far safer to buy a bear or leveraged bear ETP instead of holding a VIX proxy lottery ticket and become dinner at Momma's monthly road-kill feast.
Just my opinion, of course. Please stay out of Momma's headlights...