Exactly, if we head lower it will most likely increase. It is somewhat unusual for this size of ATR and the VIX this high.
Well, the first limit down for the NQ is 50 points. And all you have to do is scroll back over a daily chart of the nq and you can see plenty of days in the high 30's and low 40's. I use Qcharts so it could be way off, but scrolling the index itself provides the same info.
The NQ emini lock limit-down range got expanded on Jan 1 from 40 to 50 points. Here's a link at the CME with a complete listing: http://www.cme.com/products/index/products_index_pricelimitguide.cfm