[$COMPX] update

It was a good day not to be holding UVXY which is pretty much what my backlink on $COMPX was saying: short term, rather forceful market rally ahead.  The two target levels were 4740 and 4840. Today the $COMPX closed at 4750.  Close enough for government work.  So I bought back into UVXY at the close.  Not because of the price level but because of what I interpret to be a 5 wave impulsive move up off of black 4.  The red path below is my primary model but the blue is still possible.  Most people should wait for the chart to break down below the top rail of the HT but I bought half a position at the close and will maintain tight stops tomorrow.

Below is the all important zoom in on wave 5 which shows 5 full waves up have transpired.  In other words, the odds now favor going short.  Could it pull back and extend the count per the blue model above?  OF COURSE it could.  Nobody knows the future.  But you have to admit I saw this coming a long way off and if you have forgotten already then here is a link for you to refresh your memory with.  There is no way anyone could even have guessed that what did happen might happen without the knowledge of EW.  Legacy TA will NOT predict this kind of whipsaw but EW showed clearly that the possibility was real.

In any case, we will first know that trouble is afoot for the markets if the chart falls below the top red rail (1st confirmation).  Then a break below the blue rail cinches it.  This is not the time to hold a normal position of UVXY.  When it breaks down I will load up on margin with tight stops on the margin portion.