While I believe that the model is essentially correct, in other words we are working on a 4th wave that will eventually collapse into a 5th and final wave down, the recent data suggests that the 4th wave will be much flatter than originally expected thus exposing UVXY to an even lower low than the $15 level shown above. In fact, wave 1 was 8 vertical blocks tall and if 5 is the size of 1 it will put UVXY at the nice round number of $10 as shown below. I'm actually holding over night to see if I can catch e of 4 tomorrow. My stops are set below today's low.
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