Yesterday I posted a chart of TVIX with two alternative counts. I mentioned that the black count is the primary one and it did look bearish. Conversely, the red alternative bullish count had a lower probability. This morning TVIX opened with a gap down under support. I think the next target is at least retesting of the previous low at 18.67. And the Green Target Box starts from 17.62. Until then I will not be interested in buying TVIX. 

None of the scenarios has a terribly clean count which I would trade confidently at this point. And when I do not have confidence in any particular scenario I do not trade an instrument at all. There is still a chance for a move up under the red scenario. But, again, I do not see that case as a highly probable at this time.