Tuesday, July 21, 2015

[UVXY] update

In the backlink I provided the model below publicly and privately I was using this as my count for this final wave down.  As you can see, the chart didn't make it quite down to red 5/blue 5 yet but I think that count is complete. 

What I don't know is whether that is really 3rd of 5 or 5th of 5.  But in either case I'm expecting a market sell off tomorrow possibly lasting into Thursday (but less likely) which brings the chart to at least the level of the prior 4th as shown.  From there, a short stroke 5th would leave us with a double bottom where one side is rounded and the other side is vee which is a common occurrence.

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