UVXY is in the late stage of the bottoming process. Once the bottom is in place, then watch for a gradual rise to form as the next phase. That should be underway this week. It will start to rise slowly with the gradual rise, but as the yellow fork breaks, then the acceleration phase up begins.
The next significant high for UVXY is due in mid-September. Starting this week, the SPX cycle analysis turns negative into the same time frame.