Last weekend it was suggested that the VIX had a little more to decline. It did decline, and now the geometry lines up beautifully for a bottom.
The VIX is much lower than in late October. In contrast, SPX is barely higher than the late October high at 1292. This is a very bearish combination with the market hardly advancing in 3 months, and a VIX that has collapsed.
Complacency is at an extreme. The target for VIX is over 60.