TVIX-4-22-19-10-40-AM

As you can see on the micro 5 min chart below, the pullback off the previous low made at 19.35 on 17 Apr 2019 looks corrective. 

If we had A up, B down and C up where waves A and C were subdivided into five smaller waves we would have been able to call it “constructive” and label it as a wave 1 up. However, bot waves off the low, A and C, had ugly structure. That makes me think that TVIX needs to make a new lower low to “reset” the structure. A new lower low will be a part of wave C of 3 down (black labels on 120 min chart above). And we will be watching a structure of that new lower low. Coming back to that 5 min micro chart we may see we need to complete wave C of 5 down. And that wave has to have an impulsive structure and subdivided into five waves i, ii ,iii, iv and v. And it should make a lower low under the previous low at 19.35