It is an interesting take to use a falling VIX as a sign of a bottom. In normal markets a VIX that spikes way up signals a bottom (at least, a temporary bottom and ensuing rally).
But these aren't normal markets.
And, you could be right - I'm totally clueless now because the old indicators don't work anymore. In my experience VIXs didn't normally go above 40 without a significant rally starting immediately that went on for weeks.