[KBE] update

In the backlink I warned that banks were in an E wave throwover.  The implication was that at some point the chart would fall back into the channel and when it did I expected that the banks would lead us down.  As the DJIA fell 350 points today, KBE gapped back down through the top rail "with gusto".  Now I would not just expect the longs to give up quietly so we could see an a-b-c backtest from below which is why I took profits on UVXY today.  But rest assured that when the ghost of Ralph Nelson Elliott tells me that it's time to buy again that I will be back into UVXY big time.

Today was a warning shot to the markets and a 30% 1 day rise in UVXY is the proof that the market heard it.  Now the current long-pumpers of the market will try to respond to see if they can lead the masses to ignore their big losses today and take on even more margin to buy more stocks and save the Ponzi from collapsing.  This break down by KBE suggests they will have a very tough time of it.  I see 3 full waves there which is what is expected for this E wave so I think the rising wedge is done.