[UVXY] update [$COMPX]

Looks like I forgot to add the yesterday's chart update to the backlink but the essence was that "While the red path was taken starting from pretty much exactly where the model indicated it should, it's still a bit too early to say for sure that red 5 is done.".  Below is the model from the day before yesterday, so mentally add the wave down into May 4 to it.

 

Today's action suggests that red 5 in the model above is now done and in fact we could be moving into wave 3 right now.  I do not have the benefit of red futures to help me in making this chart prediction because DJIA futures are up 20 points as I type this.  But still I model the current action per below.  A move below $10.40 says that this model is wrong.   Bet boldly on the dips but use stops folks. 

$COMPX broke the lower rail of this rising wedge recently.  We don't have 5 waves down yet so it could still recover, widen the tip of the wedge and kiss the top rail again but that is not my first bet because it looks to me like a 3 wave move already happened between blue 4 and blue 5.  We'll know the sell off is getting real when UVXY is above $15 again.