So, I had this strange idea: I took XIV (long volatility ETF) and divided its value by the corresponding value of QLD (x2 NAS100 ETF) to create this chart. To my knowledge the daily value of XIV is calculated based on the price of ES options, so there shouldn't be any relationship with QLD, yet this chart has a clear structure and beauty to it.
It's peculiar how the region around 1.2 used to serve as support in 2013 and first half of 2014, then became resistance in 2015, and then again support in 2017
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For comparison see XIV/SSO. There seems to be less structure in this chart, which to me is a little counterintuitive.