"Under risked" - what is the main pain trade?

We have seen this movie before

The SPX corrected around 5% from September highs to October lows. The bounce was very violent. The index revisited ATHs, consolidated for a few days and ripped higher into the November ATH. This past sell off was more violent (VIX overshot massively), but it resembles the Sep/Oct sell off as we corrected almost 5% as well. We have had the furious bounce. We are at ATHs now. Maybe a pinned expiration "chill" and then the Santa rally?