Yesterday I predicted a drop in TVIX off a top of corrective wave iv up. Today TVIX lost 5.5%.

I can only reiterate what I have just posted for ES mini: “wave v down never travels in a straight line. It is always subdivided into a down, b up and c down. Subwave a down normally targets the previous bottom made by preceding drop in wave iii down.”

 This is exactly where TVIX found support today. From this level we may expect some pullback up in wave b up setting a stage for decline in wave c of v down. That final drop in the wave c of v down should finally complete a large wave C of 3 (the black label) and create conditions for a bigger rally in volatility in a corrective wave 4 up.