UVXY update

Clearly we took the blue path outlined in the lower model of this UVXY post but we are near another critical juncture with UVXY again.

The chart likely just put in either W3 of C or WC outright.  That small red wave 1 does indeed look like 5 waves up and the pullback from that level could be wave 2 or B.  Assuming the wave moves up next and not down, it will likely either fill the pink gap and then head to a lower low or it will blow through the gap on its way to blue 3 (or C).  We won't have to wait very long in order to get our answer here but if this goes to $22.35 and then reverses downward to a lower low then hang on for the bounce to the prior 4th ($22.35 ish) and then dump it.

IF this WC wave moves up from here it would form a bullish inclining double bottom as shown by the grey line.