Notice though that while SPX came down significantly below the November 5th low, comparatively yesterday UVXY only saw a slight higher high than November 5th.
It appears to be a double top for UVXY. It is these subtle divergences that are important. As well, UVXY is testing some fork resistance overhead. Mostly likely UVXY cools off next.
However, the SPX Cycle shows weakness into November 20th. Therefore, UVXY should see higher levels tested next week.