Well let's think about the underlying market structure for a minute. When the VIX was "oversold" last fall, there was an inordinate amount of supply coming onto the market, which lead to the large bars that put volatility through the roof. Also, financial components had much more room to fall than they do now.
So I'm not counting out a return to the bedlam that occurred in the past, but I'm placing a lower probability of it. I don't think we'll see the forced institutional selling to the scale we had last year, and the stocks that led the indexes lower can't go much further.
But of course, beware the ides of march.