As you can see from below, this is exactly what happened. No here is something to keep an eye on: if this can break above that blue line then I suspect that UVXY will break support and head down to the 61.8 fib. So for those who are gambling on a rally in UVXY beginning tomorrow, I warn you: don't take any pain. Stop out easily and then take another look at things when DJIA approaches 17k. If you get stopped out and then UVXY begins to take off then you can always buy the first 3 wave dip.
1 comment:
I agree with that,,,though another new high is just a maybe now.
2nd day in a row that Tick close over +600 and Trin had a Bear Reading over 1.00.
A High Tick with a Bear Trin, may pull the market lower and there will no longer be another closing high higher in the coming hours and days ahead.
This decline should be looked at as a very critical process in ‘risk’ or very high ‘risk’ for world markets.
Enjoy your site and have a good weekend.
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