[UVXY] Mapping the Price Framework... Now w/ TPs!
Price got caught at the blue horizontal minor trend right above the much stronger green and white major trends.
Still would like to see a breakout and hold above the yellow wedge to confirm the trade but assuming it does, $21.70 and $22.70 are great TPs.
Given high market liquidity, I do not anticipate this going much higher for the next spike around EOM but if it did, it'd be stopped by the purple core trend.
We'll see it drop back down after that and close in on the white line again (it will likely hold) until early October where liquidity should be much lower than now and we'll see a more volatile HH spike as it breaks above the purple core tend.
Still would like to see a breakout and hold above the yellow wedge to confirm the trade but assuming it does, $21.70 and $22.70 are great TPs.
Given high market liquidity, I do not anticipate this going much higher for the next spike around EOM but if it did, it'd be stopped by the purple core trend.
We'll see it drop back down after that and close in on the white line again (it will likely hold) until early October where liquidity should be much lower than now and we'll see a more volatile HH spike as it breaks above the purple core tend.
Comment:
Price broke under local support channel after being wedged down by yellow.
White should repel Price and help spark another small volatility spike.
White should repel Price and help spark another small volatility spike.
Comment:
Nailed it... cashed some around $23.20 and rebought again $21.20. I think this current spike still has some legs.
Data analyst with a passion for best fit lines B)
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Still waiting on a break and close above yellow uptrend line to confirm short entry.