UVXY is demonstrating higher lows and higher highs. the current pullback is likely a bounce in SPX , but if that fades we should see new low in indices with a new daily high vix keeping UVXY trending up. if were stronger in indices overnight and tuesday we should form a lower high and roll over UVXY . upper or lower horizontals are price targets, and dashed line is pivot . bottom or top of envelope are areas to close. over all the trend in vix remains bull until we breech new lows in uvxy , setting a lower high and demonstrating bear momentum.
