VIX & VXN playing out as per previous scenarios so far.  both held key support nicely and have the potential to start moving up sharply from here.  another option would be for the volatility indexes to base around these levels for a few more weeks/months before making a significant move higher, similar to what they did around april to june of 2011.  whether or not the EUR/USD 4 hour H&S pattern continues to play out or not may be a determining factor.  previous and updated charts below, VIX and then VXN.