[$COMPX]

It strikes me that SCOMPX hasn't gone anywhere for several months now.  In looking at the chart, what a great way to eat all the time value out of near term options.  In any case, $COMPX is very near a breakout.  If it goes higher than blue 5 in this new, WC2 centric model then that will mean a 3rd wave (likely 3rd of 5) is in progress and UVXY is going to take a big hit in that case.

But there is a bearish case that, according to its model, would have finished yesterday with virtually no room for any northward movement (lest the model go bust).  Under this model blue 5 was the peak, red 1 was the first wave down and now we should have just finished a very deep vee red 2. 

Again, for this model to be correct, the selling must virtually start from the open and when it gets going it should move very quickly because this would be a 3rd of 3rd. If this thing begins to move down at the open then I will pile into my 2nd half position of UVXY and then watch for a break of the upper rail.  That would bring the first momo players running.  A break down of the lower rail says that the selling is just getting started.

This is just the final tiny wavy up labeled green 5 above.  It can't have much play tomorrow AM without busting this model.