TVIX update

In yesterday's post I mentioned that I was looking for TVIX to pull back to the 61.8.  In a different I also mentioned that since this is right at the turning point for the peak of the 2009 bull that we should not be surprised to see TVIX put in an inclining double bottom.  This is why I bailed on my TVIX position after I counted wave 1 down as completed. 

Because of today's action which actually exceeded the 61.8 I am looking for a re-entry point into TVIX as it formed the throw under for what will likely turn out to be an expanding triangle.  I hope that we will get that final wave down within the hour but maybe it will close at the low of the day in order to shake out as many weak hands as possible.  Time will tell but if TVIX makes a lower low (below $3.30)  then it will be completely unexpected and would be a sell signal until the chart can be re-thought.  Until that happens everything we are seeing right now is expected behavior for such a volatile ETF.  Keep in mind, what is painful to the down side works the opposite way as well and TVIX has been very, very painful for anyone holding it for very long.