[DJIA] update

Not much has really changed since the backlink  except that the chart seemed to put in a 3 wave peak into 16500 and then did 5 waves down and 3 back up.  The jury is still out on this but declining double tops are never good, ever.

My primary model remains that we are now putting in green 5 which is also red 1 but the blue numbers and the blue line need to be taken into account as well because they are possible for sure.  The blue model says that green 3 was really blue 1, green 4 was really blue 2 and the move back down in 5 waves was thus 1 of 3 of 3 and 2 of 3 of 3.  If this model is right then Monday opens down very big, and then it only gets worse from there.  The potential exists for a 5% or even more one day loss on the big board.

Because of this I quintupled down on UVXY into the close.  In other words, I have a 5x normal position that I am holding over the weekend just in case the 3rd of 3rd interpretation results in a gap down.  If we do not gap down I will sell the overage in the pre-market and then get back to a 1x position.  This short term huge position is ONLY in place to try to capture the gap down that the model says is possible.  Time will tell if this was a good move but to be honest I am up quite a bit lately because of the big run in miners that I took full advantage of so I can afford to take an out-sized ultra short term risk at this point.