Up-Leg in Inverse VIX Index Nearing Competition

Turning to the cash VIX, which hit a new low at 9.21 today in the aftermath of the Dec. 1st fake news, Michael Flynn gotcha (Trump) story from CNN, and to the VIX derivatives, such as the inverse VIX derivative product, SVXY (climbs as the cash VIX declines), my pattern and momentum work (see attached chart) are warning us that the upleg off of the 12/01 spike low at 98.28 to today's new all time high at 123.61 is at or nearing completion.

A decline that breaks nearest support at 122.50 will be a very preliminary indication that that the Dec. upleg is taking a breather, while a decline that breaks 188.80/00 will confirm that SVXY has established a significant near term high.