Personally I think volatility will stay for a month or two, there are large selloffs following jumps in price. Although indexes and ETFs found support it will take weeks for investors to become confident again.
Another indicator that I use to see where market is going is VXX. This indicator goes down then the market is going up, and up when market is down. It was a smooth sailing from July to September. At one point I thought it was going to split, and then correction set in and it jumped to 40 points.
VIX is at 22 points, which is the real volatility index. We are in the third month of volatility, but it’s subsiding.
I traded some bull puts on several ETFs, they have high probability that they will stay in their current price range.