Follow up on the VIX

The badly mauled bears are yet again growling that this is the top. Indeed, pinpointing the "top" is a difficult prospect, but I doubt this is it for the following reasons:

(1) The short-term overbought reading of the NYSE to VIX ratio (sentiment measure), previous discussed in the stock market sentiment commentary, has been relieved into this decline.
(2) Time is still wrong.
(3) The NYSE to VIX ratio is nowhere near statistically overbought from an intermediate term perspective.

NYSE to VIX Ratio: