VIX breaking out of the upper Bollinger Band range has been a reliable end to the panic and sell signal, and a good buy signal in last 6-12 months.Today is the most emphatic break out, in fact its like a rocket taking off. This may give a follow on spike in the next 3-4 days, and which may coincide with another deep red day, but two shots is the max VIX has been getting at the upper Bollinger Band range.
[Edit: 13 March 2020] This time it was indeed different, and the VIX spike of 24 Feb 2020, went on to kill the bull market rally, by crashing S&P500 by 25% in 13 trading sessions, at nearly 2% per day!