SPX did confirm negative early May cycles with a mini waterfall last week. The VIX and VIX futures popped, but did not spike strongly. According to the cycle analysis, while early May cycles were weak, the dominant feature of May cycles is a very positive middle part to the month particularly the week of May 14th.
UVXY could still have minor upside to near the red line, but it should drop just under $10 in the third week of May. The drop would then complete a large wedge pattern with the white trendline marking the upper boundary.
The target for UVXY in June is $28 with VIX making a massive spike up. June SPX cycles are dramatically negative, and start to turn negative late May.