[UVXY] update

Per the chart from the backlink below




It's hard to say where we are in this ugly mess but if it is tracking the DJIA (which it does not have to do in lock step) then this is a 5th wave which, after it peaks, will fall a-b-c down hard. Perhaps as low as $45.  So my stops are now set just under today's gap up which would be about 16% if I get taken out.

So to be clear, my current model is that we are now in 3 of 5.  Under this model we could easily see the $84 target mentioned here.  But I am guaranteed the 16% from today's AM pop because of my stops.  Not to put too fine a point on the value of EW, but in this post I admitted that I bailed on RUSL into the close and used the winnings to increase my UVXY.  I wrote, "I took all my winnings and put them into UVXY.  I'm hoping for 20% there tomorrow but I could envision possible outcomes where things could get crazy quickly."

UVXY is up 17.56% as I write and while I am guaranteed 16% I will certainly sell into this strength when I perceive that 5 of 5 of 1 down is done in the DJIA.