However, the market will likely calm down next week as some consolidation is due next. Sideways next for a week or so. Then, SPX is likely to weaken and continue to grind lower later in October.
The Cycle suggests a much weaker November and December with VIX accelerating higher.
VIX Cycle 1:
UVXY is starting to warm up. It's testing the blue resistance and previous peak in Aug. Look for a small dip next week to backtest the breakout.
Expect a grinding up trend to develop. Larger pops are due late in Oct, and it will be choppy. It should surge much more smoothly in November once all the resistance is cleared.
The up trend is developing. Targets are in the $70 to $80 range for 2014, and $175 to $245 in 2015.
UVXY is likely developing an up trend similar to below.