[UVXY] update

While Mr. Market has been whittling away at UVXY, little has changed with the S+P 500 since the previous update on it.   Nobody knows exactly when the herd will decide to turn south so in my usual fashion I simply look for places where it is likely to turn south and then set up the machine gun in order to have a clear shot at it when it does.  If I'm wrong, I tear down the machine gun quickly and look for the next likely spot for an ambush.  I do not just sit there and wait and hope.  Either my model will be correct or it will be wrong and a properly placed bet based on EW principle will quickly let the gambler know if the bet paid off or not.

In this case, UVXY has been in a big falling wedge for  several days now and this tiny throw under looks like it could be the end of the wave shown.  I recommend to have very tight stops on this bet, just a few pennies down to say $12.75.  In that way I expose myself to all the potential upside without much risk to the downside.  IMO this is the only way to win against the Wall St. machine.