Today the markets wanted to collapse at the open and it felt like someone came in and propped them up. That's fine. Sooner or later they will decide it is costing them more to do so than they will be able to explain away later on (right, Janet?). The wave count suggests to me that a gap down below the lower rail could happen any day now on the $COMPX chart. The arrow points to what looks like a tiny impulse move down and this itself follows a small W3 and then an HT4 with E wave throwunder followed by a higher high.
In other words, a classic failed 5th that ended center channel. I suspect that $COMPX will gap down below the lower rail on Monday. The swoon in June should soon be upon us. I'm holding a 1.5x position of UVXY over the weekend and will add to it on the first retracement following a gap down as long as said retracement does not come back up into the channel.
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