[UVXY] update

In the backlink I was looking for today's rally to the level of the prior 4th or to about the 38.2 fib in order to complete a likely 4th wave.  The model from that post is below.



Today the model was vindicated with a nice move on UVXY to $33.  This is just shy of the level of the prior 4th.  Now it seems to be stalled at a declining double top as shown below so my current view is that it has likely topped into green [4].  But it might surprise me into the close with a move up to the 33-35 region and so I didn't just sell.  Instead, stops are in at 31.20 and if this breaks out of that downsloping blue line then I will bump them up.

Folks this rally might be green [4] or it could also be wave 1 up of a strong new rally that will have a minimum target of $80.  I would like to see it play out the green [5] into the end of the month.   Then I think we will begin to get more earnings warnings, globally shitty news, higher interest rates and other things that will finally dampen the DowPhoric mood of the herd.  That's the next likely opportunity for UVXY to begin turning on the extreme complacency that exists in the markets today.

Note: a 5 wave pullback from here which stalls at $29 is a buy signal suggesting that the current peak could be the start of the carnage.   This is a time to be especially vigilant.