ProShares Trust Ultra VIX Short Term Futures ETFArca
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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:
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.
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Here's the OG idea for perspective:
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Oh damn, it fell under and retraced landing right in the middle of the wedge tip!
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Bounced off bottom of FW and top and landed right in the middle again...
@ProfitHarvest Is your TP still around 20, or at this point would it be closer to 15-16, as we cross above your magenta Decay Trend?
ProfitHarvest
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@farmerisland, Dashed, dotted and green all make great TPs for scaling out but next spike should still reach >20. We'll hit >40 by mid-2021 but that probably aint happening till later Q1.
farmerisland
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@ProfitHarvest, oh yeah, definitely agree! If some of these projections eventually do come to fruition it'll be a lot lot higher than 40...but there will be peaks and valleys a plenty before that. I just kicked myself last time for not taking profit at 23 instead of waiting for originally thought 30ish.
There's been a pattern I've noticed, all the way from back in April-ish through now, these crash and major downturn projections aren't nullified truly earlier nor yet....peaks and bottoms are getting called, just the range is out of wack. Manipulated higher than it should go, not dropping as low as it should, etc. There's definitely some wool over the eyes going on though. Blind greed and manipulation. But through all these months we've been "wrong", it's not yet, just being elongated out. I think all said and done, the large scale chart will look more and more like coiling and the megaphone. In the end, we could push a lot higher before "the Big turndown", as we've been surprised again and again... But it'll be that much further to fall when it comes :)
nychump
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The market is anyone's guess right now - but I think a massive blow off top is about to occur sometime between now and the next 3-4 months.
The next month I think will be extremely bullish with new ATH.
All indicators are turning up and still have lots of room before even thinking about calling it overbought.
JGM0706
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Also, please don't forget the pot stocks - look at the massive pike for ACB with the legalization in many states... and its recent pull back and now earnings are coming on Monday. Any thoughts on ACB?
ProfitHarvest
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@JGM0706, I'm happy either way if we take off of go back down for another loadup.
JGM0706
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@ProfitHarvest, right... i sold mine, so kinda hoping we pull back so i can go back in - your dragon was pretty on point
ProfitHarvest
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@JGM0706, Yea kinda nailed that call... I shoulda bet it harder!
JGM0706
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@ProfitHarvest, then why do not sell and re-enter when is lower? As a three or five year investment it makes a great call to hold, but in the meantime... why not to trade (as opposed to invest)?
ProfitHarvest
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@JGM0706, I trade pot stocks lightly, focused on UVXY now