Not much has changed in the UVXY picture and I still model that we are very close to a strong trading bottom. Yesterday I was looking for something like this:
Today we got this. We are very close to the point where green 5 is the same length as green 1.
I recommend patience for the red model below while understanding that the blue model is always possible. A move higher than blue 4 would push odds toward the blue model but unless and until that happens I think that the current upswing is most likely red 2. I won't touch this until I get either a real assault on blue 4 OR red 3,4 and 5. I'll pile back in if I see either of these.
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