Avi and EWI are still leaning toward higher highs but I'm just not convinced here. The December peak was to me just a back test of current resistance from below. If that wave was really a 3rd instead of a C of 2 like I think it was then it really should have taken and held that line. And now it is back down testing a lower support. Today's rally was not convincing to me at all. By EWIs count it should be building 3 of 5. This wedgy looking crap is not 3rd wave material. Much more likely IMO to gap down below support very soon per the red line at the location pointed to by the red arrow.
If that happens then the current action will likely be viewed as a H+S breakdown with rapid downside consequences. I'm back into UVXY today just now in the extended trade at 26.89 with tight stops. I am specifically looking for a gap down in the markets tomorrow and if I don't get it I will probably sell UVXY quickly.
Got some UVXY at 26 today ... betting that this santa claus rally will crater soon.
ReplyDelete