[UVXY] update

UVXY seems to be taking the blue path from the backlink.


At the same time I am amazed that it has not hit a lower low yet.  Soon it will have to decide whether it is going to break out the top rail or head down to the bottom one.  Those are the two most likely options.  If you are holding this (I still have a small position in hand) then stops should be withing the blue circle where the blue line is breached.

On the other hand, a break out the top rail in the area of the red circle tells me to hang on tight and add on the dips.  EWI is now convinced of a new high in the big name indices but does not see it for the smaller ones (bearish non confirmation).  Sam Collins keeps warning that this looks like a dead cat bounce - and he is usually pretty bullish.