[UVXY] update

At the backlink the model was targeting the $43.95 (OK, $44...) level for UVXY.  The level might have seemed crazy to emotional short sellers but the model pointed to this as the highest probability next move for the herd.

Today's chart shows that the model is doing its job.  So the model is telling me today that we are at or very nearly at the bottom of this pullback in UVXY:

For the same reasons that shorts are screaming bloody murder right now, (i.e. gut feel AKA emotions AKA no model to be guided by), the longs are all getting wound up thinking that the fed is going to say cheery things to save the markets. 

But the aggregate subconscious mind of the herd, i.e. its herding instinct as read by the Elliott wave model, tell me that no matter what the fed says, the market will find a way to make bad news out of it.  The most obvious way this could be expressed would be for an initial DJIA move up into or on the news followed by an intraday reversal which would signal that ~1000 points were about to be trimmed from the DJIA. 

This model predicts that in short order, UVXY will go from the 40s to the 100s. 

This is not a guess but neither is it a promise.  It should be treated as a potentially fallible but high odds of happening gamble.  This is all you can get from EW but it is far, far better than any other stock market timing system that has ever been available to the public before.

You will know that the rally has begun when the lower rail of that falling wedge is retaken.