[UVXY] 8M Falling Wedge Conclusion x 13th... The GREAT Spike! B)
If it's gonna happen, it's gonna start happening this week.
We had a false breakout of this massive Bullish structure and rapid retrace, like a tide going out before the tsunami. This swing dip and spike Price action phenomenon is quite consistent.
Based on my other UVXY work, I'd peg low of this dip to $12.50 and first TP would be $20-$25:
![[UVXY] Back to the Drawing Board: DECAY is the KEY B)](https://static.tradingview.com/static/images/svg/idea-image-placeholder.svg)
Gonna let the bottom find itself and hop on as we break this structure.
We got RSI 1D uptrend and potential bottom here and VPT RSI 2H spike indicator cross this week.
We had a false breakout of this massive Bullish structure and rapid retrace, like a tide going out before the tsunami. This swing dip and spike Price action phenomenon is quite consistent.
Based on my other UVXY work, I'd peg low of this dip to $12.50 and first TP would be $20-$25:
![[UVXY] Back to the Drawing Board: DECAY is the KEY B)](https://s3.tradingview.com/l/L5dP4m8l_big.png)
Gonna let the bottom find itself and hop on as we break this structure.
We got RSI 1D uptrend and potential bottom here and VPT RSI 2H spike indicator cross this week.
Comment:
Here's the OG idea for perspective:
![[UVXY] Wedging Hard!](https://s3.tradingview.com/f/FmhZUtOE_big.png)
Comment:
Oh damn, it fell under and retraced landing right in the middle of the wedge tip!
Comment:
Comment:
Bounced off bottom of FW and top and landed right in the middle again...
Data analyst with a passion for best fit lines B)
