Well Aug Crude stopped and reversed right at that resistance level marked. But I don't think we'll see new lows. From just looking at the chart price is trapped between the recent high and the last breakout pt at 81.39. So all I would do if anything would be to buy support and sell resistance. That's what I did at resistance and it worked out well. Seasonal charts show Crude tends to top out in the fall as well. Summer time is low volume and volatility but with the Nov election only 4 months away historically the administration does pump things up to look good. I don't plan on fighting the fed and their politics.
As far as the VIX goes I've found with so many ways to trade this especially the ETFs they are very deceptive and most lose money trading them even when on the correct side of the broad market. They erode in value and don't do what is expected much of the time. I've never had a good handle on any of them. There in an Inverse VIX ETF:XIV that tracks the SPX market and with huge swings that would be a better bet I think.