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askob
Jan 7, 2021 2:38 AM

UVXY Duplicate Chart Pattern From March Crash Long

ProShares Trust Ultra VIX Short Term Futures ETFArca

Description

I believe the market is due for a bigger correction in the coming weeks than the ones we saw in September/November

The UVXY chart is showing similar patterns to the previous March crash:

1 - Bullish divergence on the RSI

2 - Both a larger double bottom from before March crash to now, and smaller double bottoms at each area

3 - Rapidly increasing volume which shows there is fear in the market

4 - SPY, DJI, and QQQ all have some sort of rising wedge formation

No Price Targets for now but I will update chart and comments if it does follow through
Comments
farmerisland
Nice point laid out visually. I think we'll be getting a strong breakout very soon....and by end of the month at the latest.
deadlypants
scary
UnknownUnicorn5836947
SPY has been rejected on every single overbought attempt lately so this may not be a bad play short term..

Thing is though, it almost seems too easy. Two of the exact same patterns, the first one having had an extraordinary rise, and was also due to a black swan event aka Covid.

Why is the buy volume here absolutely dominating the volumes seen during Covid when it bottomed out? The worst we have right now as far as news is possible new strains of the virus but that's pretty much it.

One thing I've learned in investing is that volumes are pretty much fake, they're often used to trick people or to nudge the price in a certain direction for liquidity.

This reeks of a fakeout. Legit seems too easy. Then again, I am someone who feels strongly that Nokia is a possible banger right now so I am kinda braindead. Idk man, seems fishy. Be careful.
KlydeFrawg
@teh_salesman, I'd be all over Nokia if it wasn't for the 5.6 billion shares outstanding
yanivkatz77777
looking good !
jscottw
Price targets would be greatly appreciated.
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