If SPX is going down there is a good chance that VIX is going to print a big rally in the following 2-3 days. It's never a good idea to sit in TVIX and wait for a bounce. You need to time almost perfectly when it is starting to run. VIX can easily print x2, x3 prices.
I suggest an entry here at the inverted hammer. Stop can go below today's low...
Hmmm... VIX up 8% so far today, but TVIX (based on VIX futures) only up 5%.....
some_guy
⋅
Could you elaborate more on what you mean by "It's never a good idea to sit in TVIX and wait for a bounce. "? I am not sitting in it, but I am playing it against S&P instead of VIX. Are you advising against using a 2X instrument? Or what do you mean by this.
chartwatchers
⋅
@some_guy, you can play tvix instead of vix. S&P is in a bull market VIX will pop only when S&P has corrections : DCL/ICL