The last bear has thrown in the towel..

EWI has been bearish for a long, long time now but has recently flipped bullish.  I don't mean long term bullish but they do think that the recent move up from DJIA 17200 to current levels was just 1 of 5 of 5.  I just hate to disagree with them but the UVXY chart does not look like it is ready to break down to me.  The minor support that I was eyeing in the backlink did not hold but when I look at UVXY in log scale I still think that the rapid move up wasn't a proper correction.  It looks more like part of a correction as in the A wave.

Well, we shall know soon enough.  If this goes 1 penny below the location marked 2/B then that count is busted.  In that case this could go down to $20 or lower.



If this is going to turn upward into a 3rd or C then it needs begin turning up sharply within 1-2 days.