[UVXY] update [$COMPX] [DJIA]

In the backlink I provided the chart below with commentary, "Many will look at the blue neckline and the gap down below it and decide to go all in short because a H+S broke the neckline.... I do not like H+S whose left shoulder starts from below the neckline...  Too many of these break back up above the neckline.",  $COMPX was 4427 at the time having just bottomed at 4210.

 

Fast forward to yesterday where it closed at 4533.



But whatever the long term outcome is going to be, I like to putt the short game for dough and as this approaches the 38.2 fib in the 4575 range I would become very concerned that this will turn into a flat correction/ expanded flat correction.  If it blows through the 38.2 then the 50 is at 4686.  This doesn't appear quite done yet but soon I will BOLO a reversal to a new low.

DJIA is up against resistance which it might just climb up the under side of for a day or two.



UVXY has maybe one more day down into support.   Buy the confluence of the test of the 50 fib and the lower blue rail of the expanding wedge.  If it blows through this region then a major rethink has to be done.