The daily chart suggests VIX futures could respect the downtrend support line that dates back to January of this year. If so, the VIX could find some sort of significant low near 15.40. However, if it breaks support the decline could see 14.80, or maybe even a quick probe into the 13.80 (although this would be rare). Nevertheless, the odds are in favor of a sharp recovery in the VIX sooner, rather than later.
Keep in mind, trading VIX futures is risky business. Each full point of price movement equates to $1,000 in profit or loss. So a trader who buys the VIX at 15.50 and sees the market travel to 13.80 would be losing $1,700 before considering transaction costs. On the flip side, if the VIX bounced to early July levels, the trader might be ahead by roughly $3,000.
If you are interested in learning more about trading the VIX, I devoted a chapter to the subject in my latest book, Higher Probability Commodity Trading.