In other words, it's not the theory, it's the theorist. You've always insisted that it is the Wave Principle. The market is the collective gut, which means you have to be counter-instinctual to beat it. The only way to do that is with a method that takes that reality into account. Psychology has passed its low point.
News remains scary because it is the tangible result of the prior downtrend in psychology.
That is the first wave up. Then the second wave, the correction of the first move, takes place. The vast majority of investors are convinced that wave 1 was merely a bounce in the previous bear market and that wave 2 is the beginning of the next phase of decline. Usually, the fears that were around at the actual bottom recur at the bottom of wave 2. Again, news is very dark, but the prices are ahead of news.