The VIX is tagging the 3 standard dev. upper BB on its daily chart, which is typically where it needs to be for us to get a market bounce. Also there is an ongoing negative divergence with the 5,3,3 stochastic in 1 hour VIX chart. With this setup, most of the time the market bottom is signaled after the first indication of negative divergence. Rarely, it takes a 2nd or 3rd indication to signal a short term market bottom. Looks like we will need a 3rd wave. I hope the chart snippet of the 1 hour VIX chart will clarify my description.