As I explained yesterday, the pullback off the previous low made at 19.35 on 17 Apr 2019 looked 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 made me think that TVIX needed to make a new lower low to “reset” the structure. To reset the structure we needed to get A-B-C down to a new lower low. The wave C of 5 down has to have an impulsive structure and subdivided into five waves i, ii ,iii, iv and v. And it had to make a lower low under the previous low at 19.35. At this point it has made a lower low and made all five waves to be considered complete. So we have got a complete downside STRUCTURE and now we need it to hit some important confluence of fib extensions. And we have such a confluence in between 18.50 and 17.85.