Today, UVXY hit the red target at $16.50, and rocketed higher again. That price level proved to be solid support. The fact that the target was hit early suggests a lower low may be still yet to come.
Therefore, price action appears to be in a whipsaw phase. Some minimal upside could be possible first. Yet another significant decline perhaps near the green oval seems to be setting up to follow.
The following is the chart from May 20th analysis with the red target shown at $16.50 (hit today).