UVXY Update

I took today off from trading and am just now looking at the charts.  UVXY is of special interest to me because it looks like it is rolling upwards after putting in a 3 wave decline since the 17th.  I continue to be surprised that, despite some time value loss and despite the DJIA and S+P hitting higher highs, UVXY has not even come near a lower low.  I continue to see this as bearish divergence for the markets and a positive sign for TVIX / UVXY.

In addition, today UVXY filled a gap that was opened on the 10th.  This move from the 17th is looking very un-motive to me.  It seems like a very deep wave 2 as modeled below.  I'll be buying this the day after Christmas probably right from the open.  I think the DJIA begins to move down from the open and then accelerates downward and, at the very least, UVXY puts in 5 waves up to form a C wave that should be a significantly higher high than $32 (likely $38-$40).  That's when we will really get a better read on whether EWI will be right or Avi "S+P 2500) Gilbert will be right. 

Of course, the only thing that is really important to me is what the current wave is doing.