TVIX shows that it is not a reversal down in ES but rather a pullback before another big rally to new all time highs over 3,000.
Looking at TVIX we see that it can deliver a-b-c up targeting 26 or may be 27 at most and that would be all of the pullback in wave ( b ) of ( v ) up. As soon as it completes that corrective bounce, TVIX will start another long lasting decline targeting new all time lows in wave ( c ) of ( v ).