[UVXY] update

In the backlink I was still holding UVXY (see post before it...) but was wary of 4th wave HT formation.  At the same time I know 5th of 5th of 5th are hard to call b/c of the potential for short stroke 5ths.  Also, I was clearly negative on $COMPX and INTC even so far as to go against both their short term recommendations, something I am not prone to do.

Here was the model from that post.



That red model above could still be in effect but with a very high C of E wave.  Perhaps it will turn down now or perhaps it will hit the 38.2 and then turn down.  But the higher it goes before reversing, the shallower the 5th wave will eventually be and might even turn into an inclining double bottom.

Now, if this goes 5 waves up or begins to bust through the 38.2 with gusto I' will be dropping the 4th wave count pretty quickly.  If we haven't already seen a major bottom then it will likely happen within a few trading days as shown.  So be patient, buy the dips and don't chase the peaks.

Note: this near term bearish model on UVXY cannot stand up to any kind of upward gap.  If we gap up then I'll quickly discard the 4th wave model.  For the record I am still holding the 150% position that I mentioned a few days ago.  I'm starting to think there is more risk in not holding than in holding at this stage in the wave count.