Again to bottom in subwave C of the wave 3 down(the black labels)  TVIX has to played out five smaller waves down (the red labels).

As you can see on the chart below, TVIX found support in my green target box and jumped higher in a corrective looking a-b-c up structure. That could be all of the micro pullback in wave iv up. Then it may start declining again in wave v down targeting a new lower low ( the lower green box ).