TVIX action on Friday was noncommittal, Monday should tell all.

On Friday TVIX neither broke out or broke down but rather stalled for time as it formed blue 2 in the model below.  The close was at the low of the day but still a higher low than 9-4.  While it is still waaaay too early to conclude anything, higher lows and higher highs are how bear market bottoms are defined.

Still, the wave count is rapidly running out of options.  Yes, it could chop sideways for awhile more but more than likely it resolves up or down on Monday.  If it will resolve downwards then black 2 will not hold and that is why my stops are at $2.59.  But my primary model suggests that it will instead resolve upward. If that happens then it should begin to move quickly since it will be a 3rd of a 3rd.  Time will tell but time is now running very short for us to get an answer one way or the other to the question of whether TVIX will head down to $2.20 before bottoming or if it has already bottomed.