In my previous update posted on Friday morning I wrote: “TVIX spiked yesterday in a  structure that may be counted as a corrective a-b-c up in wave iv up. That implies volatility may drop again to lower lows in wave v down.” I also mentioned that TVIX should hold over 19.70 support if it wanted to move higher. However, it dropped under 19.70 and this morning it retested that support-turned-resistance from below confirming importance of that level. As long as TVIX holds below 19.70 it may drop at least to 17.88. But we have a better target at 16.88-16.70 because this is where a strong confluence of fibs is located.