Expect pullback in TVIX before powering much higher.

TVIX has had 5 waves up since last Friday as you can see below.  Wave 5 looks to already have extended so I think that green 1 is done.  Wave 2 is often a vee shaped retracement and the prior 4th is somewhere around $2.65 so that will be my initial target.  What would be very bullish would be if it gets down there very quickly in the AM and then reverses in the afternoon to close higher as wave 3 up plays out.   But that is a lot to ask for so don't be surprised if it takes the full day for TVIX to retrace.  I would treat any such dip as a buying opportunity, especially if it has a typical 3 wave retracement shape of a-b-c.