TVIX - is about to tag an important 176.4% extension
First lets look at the entire structure of decline in TVIX that started at the beginning of August 2019. This is when the US indices started this rally.
We can count that move as an unfolding trending or impulsive move that has been following the Five Wave down fractal.
TVIX is approaching a minimum target for wave ( iii ) down. Wave ( iii ) down has to stretch at minimum to 176.4% extension of wave ( ii ) down. That extension is located at 48.37.
We can also zoom-in to 30 min chart to see a micro structure of the final subwave v of ( c ) of ( iii ). It now has a nice subdivision for a-b-c subwaves. And subwave c of wave v has already tagged a textbook 123.6% ext. If TVIX tags 48.37 that will satisfy all necessary conditions for the bottom of wave ( iii ) down. Once it happens we will be looking for signs of reversal. First of all we will be looking for confirmation of the reversal in the form of violation of previous corrective wave.
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