How can P2 end so quick? Its only been rallying for 3+ months. One way respond to that question is raw fear (by use of the VIX) has been correcting downward for over 7 months going on 8. So from that respect, its not unrealistic to say that P2 is topping.
Its probably not possible, nor practicable, to do a pure EW count the VIX. However it definitely displays certain aspects and short term patterns, relationships and trendlines.
Thats one big giant falling wedge. But it doesn't quite look finished. It has to hit the Kenny Dot (TM) to do that. That would hook up with a nice trendline.