[UVXY] update

As stated in the backlink, I knew that the existing model was broken simply by watching the extended trade action.



What we ended up with was something in between the red and the blue.  It was not a normal situation in several ways:

• fairly short wave A and then a long wave C.  Almost as if it was going to do the 38.8 fib gap fill and then off to the races.  Instead, it went through that gap during 3 of C (at least it counts that way so far.
• all this way down only to stop at the 50 fib.  With something as volatile as UVXY I would quite expect a 61.8 fib pullback, especially as part of a deep vee 2.  That may still occur (blue model) but it is currently not my top odds path.  I think waves 1 and 2 of 5 of 1 for the DJIA are done as of today so I expect 3 of 5 and then 4 of 5 and then 5 of 5 to play out leaving UVXY well over $100 to say the least.

One reason that I like this model because after putting in a vee bottom at the 50 fib, this blasted up over the 38.2 fib and is now sitting on top of it.  The 38.2 fib is no longer resistance but rather support.

Another reason I like it from a market bear UVXY bull perspective is that it couldn't even go down and fill the gap just below the 50 fib.  Buyers could not contain themselves that long.  It's subtle but herding signals are subtle. They are in fact subconscious for the most part.  Nobody sits around saying aloud that the herd is doing this or that and thus so shall I.

Anyway, my stops are already in at just below that vertex of the vee bottom.  I don't have to be right every time as long as I am never bad wrong.