[UVXY] Microcosm Analysis: Continue Up or Retrace?
UVXY is far above the previous structures that predicted this breakout (now dulled out) and I added a new uphcannel.
My original TP 2 (top gold line) is also a decent S/R which is why price has had to grind so hard to climb and stay above it.
Now we are marching up the bottom side of the recent upchannel straight to the purple line. Breaking above this would be bullish and at this point likely in tandem with a large SPX pullback. If SPX can hold on, Price should retrace a bit before a bigger explosion later.
Either way we're very likely breaking above this core S/R (magenta) when Price hits it, just a matter of when at this point (sometime this month almost certainly).
I'm hoping for some new SPX highs so we get some retrace and another good reload opp before sht hits the fan and UVXY goes through the roof but could pop any second.
My original TP 2 (top gold line) is also a decent S/R which is why price has had to grind so hard to climb and stay above it.
Now we are marching up the bottom side of the recent upchannel straight to the purple line. Breaking above this would be bullish and at this point likely in tandem with a large SPX pullback. If SPX can hold on, Price should retrace a bit before a bigger explosion later.
Either way we're very likely breaking above this core S/R (magenta) when Price hits it, just a matter of when at this point (sometime this month almost certainly).
I'm hoping for some new SPX highs so we get some retrace and another good reload opp before sht hits the fan and UVXY goes through the roof but could pop any second.
Comment:
Nailed it *brushes off shoulders*
Data analyst with a passion for best fit lines B)
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