One of the reasons why I can not get super bearish is the way how TVIX looks like.

It kept pushing higher in an ugly structure nowhere close to a five wave fractal. I clearly get a-b-c up structure of the low made at 20.60 on 22 May 2019.

For me that means that it was just a temporary pullback up. I count that pullback as wave ( b ) of ( iii ) setting a stage for a strong drop in wave ( c ) of ( iii) down which should push TVIX well under 16.00.