Since then TVIX has been steadily declining. I still expect that it targets the previous lows. It may find some support under 19.20.

I want to point your attention to an unfilled gap up in TVIX. If TVIX goes down to 21.30 filling that gap which is 176.4% ext of potential wave a of iii in the second leg down off the top of wave 4 up, that could be a bottom of wave iii don and may generate a pullback down in ES and pullback up in TVIX.
If to speak about a good setup to trade here this morning I do not have any. We are not supposed to trade every single move. At this point I do not see a good LONG setup. Is that move up a good short setup? No, it is not. I would rather sit and wait for a better opportunity. Even that setup in TVIX may produce a corrective spike in volatility. I prefer to trade a fully completed impulsive or corrective pattern. Here I can not see any reliable pattern yet. Will keep watching!