One more wave up for $COMPX and that should end wave 2.

The choppy action of the last couple days should continue into tomorrow, hopefully peaking before noon as shown below.  This could either stop at 4440 (the 61.8% fib) or fill the open gap (which is hard to see since I covered it with the left part of the pink box). 

A subsequent reversal should then quickly/impulsively break back down below the top and then the bottom rails.  Once it hits a lower low we should be set up for the next wave down.

Once the support points begin to get taken out I expect that put options will begin to get bought.  This put buying activity is what should propel TVIX upward.