Honestly, I don't have much idea. I am hoping for pull back. But when I hoped for pull back last time was at S&P 1600 and meaning pull back happened only after hitting 1687.
Just going by math, last VXX spike was 28.5% from low. If we apply that to new low, we get about $18. The spike before that was about 23.5%, and before that was 27.5%.
But, It doesn't mean that I'll wait until $18 before shorting VXX. I think if VXX spike doesn't happen soon, max target may get lower as VXX may be making new lows.