TVIX Bounces

TVIX is finally bouncing, although the day is only half way done. Is it a dead cat bounce?  Most likely.  How high would it bounce?  Well, it's right at  yesterday's gap resistance and the bounce is also backtesting the projected down channel line on the daily.  One encouraging sign is the volume this morning, but that's could be trumped if even bigger red volume comes in the afternoon.  So it's best to stay away unless today's low or thereabout is backtested and the gap resistance is broken.