That’s your call. I don’t see enough evidence in the charts to modify the trading plan on the QQQ official short trade & even if so, I don’t expect QQQ to drop all the way down to T1 today, although I would welcome it. QQQ is already down 3.4% as I type so to hit T1 today would entail another 4.5% drop from here which is unlikely. If T1 is going to be hit, I’d say the chances are good that it will be hit on Monday.

Nice observation & yes, the $VIX could absolutely pop those previous highs and continue to run but with each tick higher at these nosebleed levels on the $VIX, the R/R to going or staying long begins to rapidly diminish, especially as we are about to head into the weekend with an additional 2 days of overnight risk. You can bet your bottom dollar that the stock-market-obsessed POTUS is putting on the full-court press to do whatever is in the govt’s power to stem this slide although I tend to believe that the markets are going to go where they want & need to go despite any attempts at manipulation by the gov’t or any other entities although they can certainly temporarily stem the slide using extreme measures.
Going home long the VIX could certainly pan out nicely if the futures crater over the weekend & we gap down big on Monday but again, it’s all about risk/reward as well as the fact that the $VIX is already at extreme levels so I’d rather focus on frying other fish right now. Also, it is not unusual to the the $VIX peak & start to fall before the stock market bottoms during a sharp correction. You can see that by plotting the $VIX against $SPX & comparing both after the $VIX hit this same level back in early 2018 & mid/late 2015.

Sure, a bounce is still possible but the indexes were rejected off those resistance levels/bounce targets earlier & have been drifting lower since. Basically, the market would need to make another run up at those levels if they are tested once again today, I think there would be a decent chance that those level would be popped, triggering a larger rally. As of now, we’re closer to the previous lows of the day than those previous highs so the market can still break either way.

Weekly https://www.tradingview.com/x/vcT69aW1/

Daily https://www.tradingview.com/x/QMn2YXlp/