[UVXY] update

Backlink.  This would not surprise me but it could go much, much higher.  We could in fact be in the early stages of a 3rd wave up.  The DJIA is down 341 points as of this writing which was the minimum sell off that I expected of 400 (which the market did achieve earlier today, right KO?).  Of course, that would be where wave 5 is the same size as wave 1 and it would result in a failed 5th.  Since that is unlikely in the current environment it would be most satisfying from an EW perspective to see the DJIA work itself down to 15000 (a lower low than the supposed flash crash that occurred at the open on the 24th of Aug) before the next sucker's bounce. 

If that happens then a much larger eventual low for the DJIA is assured.  You don't just get a motive wave out of the blue and then forget about it.  5s are only part of motives and the only time they are one offs is in the case of flat or expanded flat corrections and the DJIA is neither of those.

So a lower low than DJIA 15370 is going to signal that wave 1 or A down is complete and thus at some point will will likely see 3 or C at a much lower low.