...for you older and newer generation Rolling Stones fans, OR you old guys may recall President Nixon saying in his re-election campaign of 1968; "I see the light at the end of the tunnel". This is the sentiment that most Truckee area fly anglers are feeling right now.
Yes, at this point in time, the snow-melt is decreasing, slowly. Progressively, as the water drops we have more water to fish and the fishing picks-up. The BT flow charts along West River Street show peak-flow at 610cfs, with the low point at 425 cfs. For this time of year the average is 300cfs; thus 140%-200% of normal flow; depending on when you're on the water. The heavier flows occur late in the afternoon, as clarity becomes more turbid. The water temps have not reached the preferred 55-56 degrees yet. We're fly fishing above the Prosser Creek inflow; below there is serious combat wading. Personally, I consider it foolhardy & dangerous to even consider wading below the Boca inflow, it has been in the 1900-2000 cfs range...so forgretaboutit!!
There are three methods that will produce right now; "tight-lining", indicator nymphing or streamer fishing. Look for the "softer" water and current breaks. Most willing trout are dispersed...to the bank-side. Here, generally, they'll contend with less water velocity. There are few, if any rising trout; so go down using generic stonefly nymphs trailing a bright green or olive caddis larva patterns. Select your preferred Sculpin pattern (IMO the crawfish is over-sold/touted), and do your favorite "strip-tease."
Other good options right now are to fish the smaller tributary streams & creeks; both of which are clear/clearing and fishable..maybe still a bit too high, but very fishable. Also, lake inlets are producing.