[UVXY] update

At the backlink I suspected that yesterday's close was 4 of C.  I wrote, "Even though there is current support at the 61.8 fib I think there is a high chance of one more wave down (5 of C) into the 70.7 fib.  Today's close looks like a 4th wave.".   I had to be into the office extra early today so I could not trade in person.  However, since my model said it would go to a new low, I put a limit buy order in just a few cents below red 3 in the belief that if the model was correct I would get filled.  And so after sidestepping literally all of the fall from blue b to blue c, I enjoyed the ride back up today and am holding over the weekend.

In truth, the herd left room to go either way on Monday but I think the odds greatly favor a bit of panic based on my wave model and there is a pretty good chance this ticker will gap above that top rail right from the opening bell.  I don't want to miss that.  It could also fall back down to the 50 fib ($39.72) and find support there.  But again, I don't model that as top odds.  Time will tell but if nothing else I have been having an incredible run of good luck of UVXY.  The herd is behaving predictably for now.

My stop is set at just a few cents below green 2.