The Volatility Index (VX) is trying to bounce off its 2022 lows and form a significant bottom.As the VIX consolidates above the downtrend channel resistance line on the daily chart, the probability of the VIX's weekly close above the downtrend wedge resistance line and the downtrend channel resistance line on the weekly chart is increasing.There is a moderate chance that the VIX will test the key integer level 25 before the Christmas holiday.A bullish catalyst for the VIX could follow today's release of November CPI data at 8:30 a.m. Et, as well as the closely watched Federal Open Market Committee meeting of the Federal Reserve and the Fed's interest rate statement and press conference that will be released on Wednesday.A raft of economic data will be released on Thursday, including November retail sales and the New York Fed manufacturing index, followed by the preliminary services PMI for November on Friday.Investors should pay attention to any news on the escalation of the conflict in Ukraine.Congratulations to the subscribers who read and profited from my warning on March 17, 2020, the day before the front-month VIX futures contract reached its high, I warned of an impending decline in VIX futures and the increasing likelihood of a VIX rebound on November 30, 2021 and January 18, 2022.In addition to the MACD on the weekly chart, which is still tilted downward, the Relative Strength Index (RSI), stochastics and MACD on the weekly, daily and 4-hour charts are all at the bottom, rebounding or consolidating recent gains.I will go long on the green area on the daily chart and aim for the red area next Thursday.If I am a volatility trader, the amber/yellow area is where I set my stop (although I rarely hold overnight positions in my personal account, I set the stop range narrower).