NASDAQ:XIV   VELOCITYSHARES DAILY INVERSE VIX SHORT TERM ETN
7 1 0
Short volatility via XIV             . Unloaded a portion of my position near the close. Those shares were picked up in late Feb at wave ii. I'd entered an overweight position (~50% over my regular allocation) yesterday just prior to wave iv, so didn't want to hold too heavy into the weekend. Vol             had been trading in corrective moves recently, and there's a chance today's rally was a b-wave of B as depicted. IF the rally completes an impulse into v of 3, then I'll take profit around mid-23s / 24 and build up another long in wave 4 support, likely low 21s again.
Stop indicated with bold red line at 20.61.
Initial target box is reached. Negative divergence on MACD suggestive of a 3rd wave top pending. Can continue to extend into higher targets. Smaller degree counts suggest the higher box is achievable, but consider taking profits along the way, and especially as key fib resistance is hit, starting with the bottom of targets...
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