Back into [UVXY] at $37.62 in the extended trade

Per earlier post today on UVXY I think today's ass whupping was most likely wave 3 of 5.   Generally if the next day is going to be down from the open, you get a relief rally (i.e. wave retracement)  into the close the day before which sets newcomers up for the next day's drop.  But today the shares closed at $37.90 and then went down to $37.40 in the extended trade.  I decided that this had to at least be the end of wave 3 down (and possibly (20% chance) the end of the entire 5 wave motive move.  So at the very least I would expect a bounce tomorrow AM and if it just looks like the a-b-c retracement then I will sell into it for a small profit.  Yes, it could gap down yet again and so I limited myself to a 3/4 position.

My stops are set 1 penny below the lowest low of the extended trade which was $37.40.  Thus $37.39 takes my shares from me for a small loss.