The current VIX chart is posted below.

Take a look at the VIX since the beginning of July. What you should notice is that the VIX had a low on July 20 and then its lowest low on August 9th., and then a low on August 19th.

What is a possible description for that action? Well, the VIX could be forming an inverted Head & Shoulder pattern which would have upside implications if the pattern completes. And since the VIX moves opposite to the stock market, Caution would be in order during the coming days.