In October of 2011 the uvxy was trading at around $2450. If the financial world comes to a proverberial end, and uvxy goes back there, that' 193 times higher than today's close.
The correct answer to your question lies in the fact that the leveraged VIX plays will normally need a negative catalyst to spike. Today would fit that definition.
My point is, you won't get a big move in just a typical market correction. However, the Italian elections could be a prelude to more protracted uncertainty in the Eurozone, and the markets don't like that. Other examples of negative market catalysts include a black swan event, unexpected geopolitical event with global implications, and any terrorist threat or attack, not just in the US, but also in their allied countries.
So although UVXY will certainly go up in a market correction, the upside could be limited. Today was a huge spike, with fresh Euro concerns. Look at XIV's daily chart; that's called technical damage, so I'm thinking UVXY could travel up to near $15 on this news for now.
you need to look at the charts. uvxy has shot down from 1000 to 10. the only reference you have since its 2 yrs old is last summers europe mess. but you can use the vxx as a ref. it went up 100% when europe looked like meltdown was coming in 2011.
maybe it goes to 20. if youre looking for 50 or more youre going to get your head handed to you.