Possible Owl forming on XIV

In this post I suggested that we might be seeing The Owl forming in TVIX.  That was a harbinger of a major rally in the markets and of a huge sell off in the leveraged TVIX ETF.

Now after several days of rallying hard we may be on the verge of an owl confirmation for the XIV.  In other words, I'm looking for an afternoon pullback in the markets the could lead into tomorrow.  Below is the 10 minute XIV.  Failure to break to a significant new high such as 32.30 or higher will likely mean this recent bull charge is not just getting tired but rather downright sleepy.