Here we have AMEX:VIXY on the 3 Day chart. We can see very strong support in the low $20's that has been tested 3 times and bounced hard to the north over the span of a year.
Simultaneously, all major indexes are showing major weakness in uncharted territories and extremely overbought.
My recommendation entry up to $27
Take profit at $30, $36 and $40 but the potential for much higher is there.