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TVIX does not confirm the bottom
You know I am a huge fan of using volatility to confirm important tops in the S&P index and its derivatives like ES mini and SPY. TVIX is normally inversely correlated to upside structures played out by SPX. To put it simple, the rally in SPX is completed when five wave down structure is completed.
As you can see on the chart below, we are indeed in the final wave C of 5 down ( the black labels). The problem is that this wave C of 5 has to make five subwaves down to be considered completed.And on a micro level it looks like even wave ( iii ) down has not completed so far.
They can keep pushing it down into close today. Moreover, in many cases I caught bottoms of UVXY AFTER US markets closed around 5 PM EST.