[UVXY] update

A more bearish UVXY model exists in the backlink but I like to keep an open mind so that I am not caught by surprise, especially since I think BKX is succumbing to falling JNK.  The recent fall from the 40s certainly does look motive but this could be the 5 of an expanded flat.  In log scale the chart has clearly filled the gap and would seem to have more to fall before hitting the green support line.



However if we switch back to linear scale without moving that green line at all, this is where it shows up.  So the chart is at a tricky support line IMO that is probably not obvious to most.  If it holds this line we could be ready to see a higher high than the sept high.  Don't count this out because junk debt looks to be in or near a 3rd down and that is the kind of thing that could easily trigger panic in the financial markets.