The initial bounce after 5 down from the markets did not go high enough, something I mentioned at the time. Below you can see from the red count how it also happened in 5 waves, not 3. Thus I am expecting another 5 wave move up into green 2 as shown below. That would take it to the 50 fib as well as the level of the prior 4th. So go ahead and sidestep that move folks. I plan to sell out of UVXY into the close today or also if my stop gets hit before then.
Wednesday, July 8, 2015
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