[$COMPX] update

Per the backlink, $COMPX is getting near the end of a month long rally but patience is still needed with UVXY.   It is impossible to know whether the market is treating the current wave as a 5 wave or 3 wave motive move as both would work under the rules.  3 wave motive is the norm within triangles and wedges and it can be easily argued that we are within one. 

Thus we really have to wait and see what comes next.  Blue W3 below could really be WC of 5 of the triangle leading to a break down of the upper rail that just keeps on going below the lower rail.  We will see it coming by its early wave structure being motive or not but I'm playing it safe and not holding over the weekend at this point.

The model below assumes that we just finished 3 of 5 up.  So either the red or green paths could be taken next week.  I would own UVXY below the top rail and then stop out if it comes back above while looking for another entry point after the 5th wave up is done.

It will be interesting to see if 5k is treated as resistance this time. 

We will know that the sell off is for real when it breaks down the top rail, likely with gusto, and then puts in a motive wave down and then a-b-c back up.  The UVXY buy point for most people should be after that a-b-c happens because then you know exactly where the stop should be set.