EOD: Odd-looking overlapping structure. Could be close to completion. We will have to see what the next sessions bring us. Breadth closed on a slightly positive weekly red signal line on the NYAD MACD (+16). It is still lower than the peak on 1/4/21. If a new structure is underway, that will soon be apparent. No matter what- the VXX low target zone is still the one that we will ultimately key off. Currently that is 13.46. 
Update 3:06pm EST: Looks like 5 waves up in the terminal leg of a small megaphone up targets 3851 - 3862. Counts as an "e' leg with the kick off 'a' leg starting yesterday afternoon. It could be part of a higher degree bearish megaphone in which this price target hits a center symmetry that may lead to a rejection at this zone (confirm next week).
Update 1;11pm EST: VIX looks like it could be about to hit a support trend line (3rd touch today).
Update 12:23pm EST: Price looks like it needs to eat up more time. Possibly into next week- week #7 of a negative NYAD MACD red signal(?) if that works out and potentially it will be in a precarious overall condition even though the red signal is at a shallow value so far. It is however, if nothing, very persistent. A support area at 3702 is not surprising given it's proximity to the price point in ES where SVXY stalled for several weeks (temporarily topped).
Sorry- Fed Watchers- this was always coming as can be seen from our recent posts. Sure, cycles can and do coincide/overlap but a news event is often only what was always being foretold by sturdy, proven market analysis. When 2B up happens just watch the relief and complacency return- "market shrugs it off", "it was over-rated" etc. Maybe that will be correct but statistical vector analysis may well proffer a different intent. We will see.
If the expectation for wave 1A down materializes, then this could resolve down with a very deep move after 2B up completes (or anything higher). Eventual downside could even challenge the 3/23/20 low but let's not get ahead of ourselves just yet - that might be less likely if new all time highs print before the main descent starts later.
If we are currently in a wave 'iv' up, it could take a few sessions to resolve to fulfill alternation requirements with wave 'ii' that took a couple of days. Anything different will show itself soon enough.
VXX has prior gaps higher in the 17.21 zone. Prior gaps are often an attractant and we probably need to see candle bodies filling that area at least on an hourly basis. Not there yet (market needs to go lower with volatility going up short term).
Also note that we discuss UPRO (also SVXY, VXX) because it is one of the leveraged instruments and often accelerates beyond 'normal' market moves and as such, it can hit measured fib and or wave lengths that are ordered within it's own framework but are elevated (or attenuated going the other way) by an accelerated factor. Those price points more often than not are key signals for a reaction. It is necessary to understand how each of these instruments behave in order to get a fuller picture at extreme price points.
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