In the backlink I expected more southing from UVXY and today we are getting some. By far the most satisfying outcome from a wave perspective would be for this to throw under as shown, thus completing a giant wedge. If we see this, the odds support treating it as a massive buy signal. This could either be a big W3 or an even larger WC. In the case of the former, expect a triple to the $30 range before collapsing back down into either a large double bottom or a lower low. But we have to take the waves one at a time; long term predictions are for bragging rights but short term wave count and support/resistance points are where the money is made (or avoided being lost...).
No matter what happens, when that top blue rail is broken out of again, that is the buy confirmation for UVXY. Hopefully it will collapse below the lower rail as shown and thus give an even earlier buy signal (dip down below lower rail and then come back up into the channel is generally the first buy signal confirmation).
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