$COMPX update

Here is the backlink in which my model pretty much captured the direction change but not the full severity of the decline.

The model has since hit a higher high indicating it was a C wave.  In any case, I think $COMPX is at a critical juncture again.  As you can see from below, the blue line creates a potential neckline on an inverted head and shoulders (even though I an not thrilled with the lack of symmetry between the shoulders). 

I have seen these break above the neck line and then break back down below the neckline again, thus invalidating the pattern but it generally happens very soon after the breakout or break down.  In other words, this has to change direction within 1-2 trading days or it is likely going to head up to 5000 and UVXY/TVIX will certainly get much lower lows in that case.

If the leveraged vix is not ready to pay off, don't force it.  There is always another play.  JNUG for example has been paying off nicely following the bottom that I recently modeled.  RUSL should be good to buy on a dip too. 

IF $COMPX  makes it near 5k then I think the psych barrier would be ripe for a major pullback.  Of course this could turn into a double top right here, right now as well.