The model for XIV remains positive, therefore the market should be forming a low shortly.
XIV has cooled off and is trading near trendline support. As well a triangle formation has formed and according to the model, the next push up should be quite strong. It's likely to surge up and out of the triangle to the upside, and break out of the fork.
The behavior of the market has been consistent with the choppy sideways phase of the model which started early in July.
Notice that XIV is forming a higher low with July. This contrasts SPX which has a lower low from July. This is bullish for the market!