XIV plunged and came close to the initial downside target, and has bounced back to the orange trendline.
Notice that XIV bounced at the blue trendline from August. XIV is extremely weak and the blue trendline will not hold.
The orange line may provide resistance or XIV may be able to overshoot it. In any case the largest plunge is yet to come...
This model shows similarity to XIV. Notice the sudden drop with no warning, and continuation lower: