TVIX has been following nicely an impulsive five wave down structure off December 2018 top. At this moment it is in the very final wave (c) of ( v ) down. That wave ( c ) down should be subdivided into five waves of a smaller degree. The low it made on 5 February 2019 is the low of the micro wave iii. And the pullback up we got at the end of the last week was a corrective wave iv up. That leaves us with the very last move down in wave v of (c) of ( v ). At this moment I have a nice confluence of fibs under $30. However, at this point we need it to make one more nominal low under the low made last week. As soon as we hit $32 spike in volatility may start at any moment. 

The reason why I count this chart is that as soon as that five wave structure finds it bottom we may get another strong spike with a minimum upside target at $50.00. That implies a nice drop in the stock indices. The fact that the downside structure is not completed at this moment suggests that the move up in the stock indices is not completed yet!