I'm back on the sidelines until this either slushes through that line as if it were not there (that would be unusual, low probability) or pulls back again for a running start.
In any case, be careful here, this is significant technical resistance.
Tuesday, June 30, 2015
Watch out for overhead resistance in [UVXY]
We are right up against it now. Generally it will take a 3rd of 3rd to break through something like this so we often kiss it during wave 1 up, pull back and then gap up and through. It potentially implies that the AM pullback was 4 not 2 and that the rally since could be 5. It also could be that the AM pullback was 2 that the rally up until this resistance is 1 of 3, then we should pull back into 2 of 3 for a running start at this resistance to be smashed during 3 of 3.
I'm back on the sidelines until this either slushes through that line as if it were not there (that would be unusual, low probability) or pulls back again for a running start.
In any case, be careful here, this is significant technical resistance.
I'm back on the sidelines until this either slushes through that line as if it were not there (that would be unusual, low probability) or pulls back again for a running start.
In any case, be careful here, this is significant technical resistance.
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