FVE vs VIX

This is a graph since 1/1/2007 of VIX (black) & FVE (red).  I drew a ZigZag line (green) to show that recently FVE is showing a higher low.  I also drew circles in instances where FVE was below 20 and had a higher low after seeing lower lows.

We are seeing surprisingly low volatility in the S&P500 Index movements, but FVE had remained for the most part below VIX since November 2011, until just recently.  Of course, VIX can remain at low levels or go even lower. FVE's higher low, however, is showing that a VIX spike is likely and not too far away.