Probing For A Bottom

The Euro is trying to put in a bottom and the VIX is rolling over from a lower high. Both of these together point to some potentially imminent reversals. I didn't have time to show a chart tonight, but there are positive momentum divergences developing in the Euro/Dollar that could lead to an explosive up move in US stocks. This is not the consensus view and it may only be a B wave. Shorts beware! You could get a surprise. While the drumbeat for lower markets continues ad nauseum online and on TV, the case for a renewal of the uptrend is building. However, it may take another week before it manifests outright. I am seeing nice bases in a few leading stocks and lack of downside follow-through at a critical juncture in the wave count that typically means the bears have jumped the gun. Reversals in gold, silver and other commodities should follow as well.