Are you referring to the intraday chart? (just today). As of now, the trend on the IWM daily chart is clearly bearish (lower highs & lower lows) since early May. More importantly, the large-caps (SPY, QQQ, DIA) will determine where the market goes. You won’t see a 10-20% drop in SPY or QQQ with IWM rallying 10-20% at the same time.
https://www.screencast.com/t/q9WSy3jHomX

Certainly a possibility but I doubt it. Take a look at other periods when the $VIX has broken out above a bullish technical setup after trading at the low end of its range. We’ve already been trading in a relatively wide sideways range for the past 3-weeks now, so my guess is that the next impulsive leg down starts in the last 2-hours of trading today to maybe Wednesday at the latest. Just my best guesstimate & I favor the earlier end of that range (today or earlier tomorrow) for the selling to resume.