TVIX..along with the other VIX 'instruments' (which is about as polite a term as I can use for them right now) had a very turbulent day. After a strong open, it rolled over, and ended with a black doom candle no less.
The maniacs who have been buying - not least those averaging down, since Monday, did not get the close they wanted today. Not only did the indexes claw back up, but the VIX closed flat - with a black 'fail' candle too.
Friday, I'd guess there is a real chance for a 10/15% fall for TVIX. If the rats panic..then why not 25%?