One of two things is likely to happen here. Either we get a HT before heading down one more time (most likely) or we get a lower low than blue 3 and we know that blue 5 is in progress. But as long as blue 3 holds, this is still likely wave 4.
On the UGAZ chart I think it will be meaningful if the recent rapid move down turns into a unicorn tail by moving back above the support resistance line very soon. I could also see a double bottom happening here - a miniature inverted owl.
This ETF is the poster child for entering only based on some EW defined entry point and then using stops... One of these times the bottom will hold and when it does there will be nice percentage gains to cover the various antes that I have given up over the past couple weeks on this each time I got stopped out.
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