Some snippets: "As these charts show, a big burst in statistical volatility does not necessarily lead to a long-lasting market bottom. In fact, in 3 out of 4 instances, the market eventually moved decisively lower." "The one time that the market did not drop further was in 1987."
My interpretation is that the prior spike to high 80s does not signal a bottom and we can continue to bleed for quite a while. Like 1907 the vix may spike up to lower high nearer the bottom. Worth a read.
BTW damn I wish I had followed that SWHC trade, you beat the crowd.