Clearly I am looking at the right resistance and support lines but the count changed per below to try to whipsaw the shorts. Well, when I saw that UVXY stalled at an inclining lower rail I put a 2% trailing stop on it. But now I am just about to re-enter UVXY again (right into the close) for a weekend hold because I think that we could see rapid selling beginning on Monday. All of this sideways action is not bullish IMO. Additionally, I will not cover unless and until the current wave invalidates my count by going into the region of wave 1.
What will be interesting to see is how commodities get treated in this. All my commodities hit bottom points per my models and were up. Were those only 3rds of 5? Perhaps but I don't see it at present.
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