Today was likely wave 2 peak.

The deep vee 2nd wave of the DJIA likely completed today.  Obviously a higher high than 18k on Monday would imply that something else is going on but the move down into black 1 does count like 5 waves and that should herald a direction change.  This vee has every aspect of a recovery bounce that threw the kitchen sink at the markets but could not create a higher high.  TVIX and UVXY pulled back but they did not panic at this recent run.   The DJIA is near the early December high but UVXY is at 22.87 instead of being much closer to the early December low of ~$17.60.  UVXY is hovering at about the 61.8% fib which should be considered normal for such a volatile ETF.

Folks, we are going to know on Monday what the real story is.  It has to out itself soon.  With the data I have, my primary count stands as shown below. IF Monday is a rally to a new high then I'm going to the sidelines on UVXY.