Careful with these swings! There are currently very fast swings occurring in the VIX as panic and complacency gyrates from one extreme to the other extreme. This is creating high energy movements in UVXY up and down.
These wild whipsaws look like they are about to become wilder rather than calmer. UVXY fell below the $32 level which is a concern, and suggests further downside could be possible.
This could be the case even if it bounces in the morning.
At the same time, this unusual situation appears to be a major bottoming formation process. Even with possible downside to near the area of the green arrow, the short term upside target remains at $43.