The SPY seems likely to pull back to the levels of $420 to $400 before it can later decide whether it wants to continue the overall Bullish Trend to all-time highs. In the meantime, we are dealing with Double Bearish Divergence on the MACD, Overbought Conditions on the RSI, and a Bearish Engulfing Candle on the 4 Hour all while trading at the 1.13 Retrace of the local range it just broke out of.
pretty sure that plays out to Elliot wave #4 too. could be slow and choppy
elenaec
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so it is good time to buy UVXY now ???
RizeSenpai
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@elenaec, Not yet, would wait until after the reverse split but generally it's best to go with SPY puts directly anyway.
elenaec
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@RizeSenpai, when are we expecting the reverse split ??? thank you so much !!!!
RizeSenpai
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@elenaec, Friday next week. We are also expecting BOIL the 3x Leveraged Natural Gas ETF to Reverse Split on the same date.
elenaec
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@RizeSenpai, wow is it 10 to one or 20 to one split for the boil ??? where do you read the news ???? thank you again !!!!????so good time to sell boil before reverse split is that right ??? thank you so much ????