VX Stair Step Down

This is kind of a messy looking chart, I don't usually like to have this many lines. What I'm trying to illustrate is that VX has been slowly stair stepping down in a pretty controlled manner. I was surprised to see this morning's rally fail with VX doing this, but there is just no momentum or volume this week. Not sure what to make of all of it. The low volume grind up on ES tells me the end is near, but VX is saying to long. Will be interesting to see how it plays out.