Double bottom for TVIX looks like a nice entry point.

If interest rates do begin to head up tomorrow as modeled here, the stock market should begin to show weakness.  TVIX should respond to any weakness in the markets.  Perhaps all that last week's quad witching really did was to delay the start of the new bear market by a couple of days.  This would, in fact, confuse a lot of people both short and long.

Below are my current models for TVIX.  What I had been calling 5 was likely just 3.  You can see that the bounce to red 4 was clearly a corrective a-b-c.  And today we saw 5 waves down into the close.  In all fairness, this could just be 1 of 5.  If so, a very tiny a-b-c to perhaps $3.07-$3.09 could happen before a 3rd wave down to $2.85 and then finally a small sideways 4th and then the final 5th down to $2.65.  But if we go higher than 3.20, the bottom for this wave since April 15 is most likely in.  $3 is a nice round number.  If this gaps up above 3.20 then I will be buying into that strength and I will be holding with significantly more conviction that I have been doing for the past several months. 

Like all models, this one could be wrong.  If so, it will peak out before going above red 4 in the left picture below and then break to a lower low.  In that case, my target will be $2.65.  I don't see that happening but we will most likely know tomorrow.

We are getting into the very final days here IMO before the official start of the bear market.  Too many companies are gapping down on earnings now and not just small ones either.  Couple that with the declining margin being used and it's a recipe for lower stock indices along with skyrocketing renewed interest in buying collapse insurance.