Thursday, August 6, 2015

[UVXY] update

In the backlink I was looking for higher prices but the prerequisite that the chart hold above red 2 of the model below did not hold, thus busting that count.



In fact, the chart fell to just about the level of the blue bar of the top model in the linked post above.  That bar touched down to $24.40 and the actual recent bottom was $24.33.  Due to the recent series of 3 wave moves it is possible that this is going to count as an expanding wedge 4th as shown.  Confidence on this model is not high and it will all matter what tomorrow's open looks like. 

In the model below, the blue "non ' " numbers are the busted model and blue 5' or the red model are what I am looking at right now.  If this breaks back into the channel tomorrow then it is in the danger zone.  A move below $26 will suggest that the expanding wedge 4th is a good model and wave red 5 down is in play.



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