You can almost pinpoint the moment the Fed made the wrong decision.
If they believe inflation goes higher, you don't cut rates
But instead, they cut rates and said inflation would go higher
And the $VIX rightly so jumped from 14 to 28, just a modest 100% jump in a few hours.
Above 38 is the concern level and staying above 49 is correction territory....so there is still some fat between now and then.