Its was very flexible indeed, the base of the tail was capable of bending ninety degrees in most directions, and it perhaps severed as balancing rod for changing direction quickly, just as modern cheetahs use their long tails. And to make the tail even more capable of doing so, they had bony tendons along the tail to stiffen it up.Actually, the tail of Velociraptor appears to have been rather flexible, at least in lateral direction, despite the elongated prezygapophyses. The tail of specimen IGM 100/986 has been preserved in an S-shaped curve.
Norell, M.A. & Makovicky, P.J. (1999). Important Features of the Dromaeosaurid Skeleton II: Information from Newly Collected Specimens of Velociraptor mongoliensis. American Museum Novitates 3282: 1-45.
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