Attached is the chart of India Vix which clearly shows that rise in volatility from the bottom around 20 levels till 32 is clearly a five wave advanced. And recent drop in Volatility is the expanded flat a-b-c, which is wave 2 or wave B, which is the current state of the market showing narrow trading range and dull price movement. But the principle of volatility says contraction in volatility is generally followed by the expansion in volatility. Same way once the wave B (or Wave 2) of Vix completes then wave C (or wave 3) should resume which is likely to target 43.

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Vishvesh