In fact if you got through the last several backlinks you will see that I called the rise into red 4 very nicely and then bailed out for this drop into what I think it red 5. So my primary count remains the blue count above but always with one eye on the possibility for the red count. In other words, trust the count but verify using stops.
Today's action on UVXY is definitely slowing down on the sell side. It could be forming a falling wedge to finish as shown but there is a nonzero chance that this will form a nice double bottom right here.
This view comes from the fact that I counted 5 down on $COMPX as shown below so that will likely be some kind of 1 or A move meaning the current bounce is 2 or B meaning that a C wave to lower lows should be expected. Don't be too surprised if this breaks the lower rail and then comes back up. I have seen it a lot over the past months and years. It is a bullish thing and is in fact the type of thing that Avi is looking for.
Still, the tumble to support or lower should bring money into UVXY for a very nice trading profit because the minimum level of bounce should be $34.
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