Couple comments on [UVXY]

In the backlink I was looking for a pullback and then a strongly higher high per the model below.



Instead we got a big gap up right where I was expecting a trend change.  Look at the chart below.  It shows that that gap up destroyed long standing resistance that has been in place since early Nov 2014.  But we are not out of the woods yet.  There is a count that says this was just 4 of 3 with one more downstroke on the way to complete all of wave 3 down.  This is currently not my primary model but neither can it just be ruled out summarily.  A break below that red rail probably means more downside before the real intermediate term bottom is found.

Odds, fellow gamblers.  Odds are not certainties.