[$COMPX] update

In the backlink I was again looking for a pullback from resistance but instead we got a gap up over the resistance.  I count that gap as 3 of 5 of A of 5.  This assumes that the big pattern for the $COMPX is a rising wedge.  In any case, we got more travel after the gap which is likely 4 and 5 of 5 of A.

After 5 waves up to form A of 5 we should get a pullback to B of 5.  So I bought back into UVXY today at the close and will be looking for a 3 wave selloff in the $COMPX to sell it into.  I have tight stops on this trade because the other thing that could likely happen would be that the current move just keeps shooting through the top rail before coming crashing back down completely exhausted.  

In the first scenario which I deem to be the more likely of the two, the move could drag us into the dangerous Q3 months where many a big sell off has begun in the past, including the collapse which began in late 2007 and ran through early 2009.