[UVXY] update

From the backlink we have the model below.


Unfortunately for the model above, it morphed into a likely but not yet confirmed 4th wave HT.  This will resolve itself tomorrow.  If it gaps up at the open to break the top rail then the HT was fake and the reversal is upon us.  If this turns out to be a fake I would expect a bigger selloff because traders will have gotten sucked into the short side of VIX by this pattern.

If it gaps down, or in any other way breaks down the lower rail, the 5th wave down for this chart will be playing out and you can forgot any past speculation about a double bottom happening here.