TVIX has been following nicely a five wave down fractal off the top made in December 2018.

At this point I count the bottom reached in late February as the bottom of the wave 3 down. Then we got a nice corrective A-B-C pullback in wave 4 up. 

Last Friday at 3:17 PM I warned members of my private Discord chat: “the best count is a completed bearish corrective A-B-C up”. That was a solid hint that the pullback in main indices was over.

The drop into Tuesday low looks like a completed wave A of 5 down. From here we may get a pullback up in wave B of 5. This pullback should stay under the critical resistance of 29.34. However, it is risky to go long here because that wave B up may be really shallow.