XIV is one of the most profitable assets over the last few years, closely following the SPX rise (particularly high correlation until July 2014), although by inception its function is to model the VIX inverse. At present it appears that a corrective (I)-(II)-(III) wave is developing, of which the last one is pending. Critical resistance level is a zone around 48, which in case it resists a possible breakout, this would highlight the beginning of a severe wave (III) correction in tandem with SPX. XIV may well be a critical market directional gauge.