Volatility has been literally off the charts lately. The VIX, or Volatility Index, has recently made new records as stock prices have seen once-in-a-century selling pressure. And the meteoric rise in the VIX has hardly gone unnoticed.

The chart above, however, suggests we may see volatility wane in the near future and, hence, selling pressure in the stock market let up. This hourly chart above shows the VIX making a classic topping pattern, the head and shoulders reversal.