Storm Brewing in the VIX?

VIX has remained relatively elevated since the first wave of covid-19 liquidations. While the S&P 500 has managed to reach new highs, the Vix is still well above its pre-covid lows.

I'm seeing a setup for a long, should we break key downtrend line and price resistance at approximately 38.3. Should it play out, the timeline would be within the next few weeks overlapping the US Presidential Election.