Before we can expect a meaningful bullish pullback in volatility we need first to complete decline in wave C of 3 down (black labels). To complete the subway C we need to get full five micro waves in the red wave c of v. I would love TVIX to drop to 21 and tag the lower trendline. But because its wave 3 down we may easily get TVIX undershooting this line setting panic among bears who are still holding LONG volatility products.