So indeed the market is set up for a bullish bounce up to form that Minute [ii]. The VIX "trigger" is set back inside the BB. McClellans could use some strengthening. It has positive divergence on the 1029 low. A bounce indeed would be perfect. How much it bounces and for how long (days?) is the question. But it should form a discernible wave [ii] on the daily as you can see.