[S+P500], [DJIA], [$COMPX] update

I won't bother to post the back link since I have been very clear on what I think is playing out.  Essentially, a 4th wave HT bottomed and now we have to let 5 waves up play out into wave 5.  The S+P 500 chart is a proxy for DJIA and $COMPX.  When one goes down they will all go down.

In summary, I am going to again base my count primarily around my proprietary w3 indicator as shown below.  It would be very difficult to count this choppy shit otherwise.  I counted 5 down into pink A so I expect an end of day sell off into pink C which, if the lower grey rail holds is the sell signal on UVXY so that you don't get caught short by the likely pop on Monday. 

But then be looking to get back into UVXY next week for a Terrible Tuesday or Wild Wednesday because my 500 point DOWn day is not likely very far off and once that happens we will finally begin to see fear in IBB and other exponential darlings which will be the real indication that this bull market is over.

Sam Collins has been getting more and more fearful over the past couple weeks and his latest warning was if IWM could not hold the 200 day average at $114.  Of course, as soon as he posted that IWM had a skyrocket day because even after 40 years in the business Sam Collins doesn't know how to do an EW count.  He is legacy TA all the way.  He will eventually be right, IWM will likely break below the $114 mark next week but only EW counters will have avoided being short while the entire 5th wave plays out.

Note: my count is quite different from what EWI is posting right now but we are both modeling a big sell off to come soon.  The only question is whether it begins today or not and the answer will most likely be given by whether or not the lower rail holds.

Now, if the lower rail is tested before the end of the day happens and then we get an a-b-c bounce up with a 38.2% retracement then that could have been waves 1 and 2 of EWI's sell off and then wave 3 gaps down below the lower rail on Monday in order to leave behind anyone who was not bold enough to hold over the weekend.  So if I see that I might just hold my existing UVXY to see what happens on Monday.