The current most serious threat to global health and economy\cite{Fauci_2020} is the COVID-19 pandemic that begun in China and was first reported to the WHO China Country Office on December 31, 2019\cite{world2020pneumonia}. Data on the confirmed cases of COVID-19 were retrieved from the COVID-19 Data Repository, which is maintained by the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University\cite{Dong2020}. The number of daily confirmed new cases of COVID-19, for each country, from January 22, 2020 until April 13, 2021 were analyzed. Due to unnatural variability in the reported cases between working days and weekends, the 7-day moving average rather than the actual observed cases were analyzed. For the analysis, \(m_{max}\) was restricted to 30 days in order to avoid the effect of potentially higher volatility from previous epidemic waves on the volatility estimates of the most recent data and the predictive ability of  EVI for upcoming and perhaps milder epidemic waves.