NASDAQ:XIV VELOCITYSHARES DAILY INVERSE VIX SHORT TERM ETN
I would love a retrace to take another long on XIV (short ). Price has continued higher than the 61.8% extension where I'd expected i of 3 to top. This despite S&P trading sideways. My price targets for wave 3 may actually be too low as wave 1 stretched beyond my initial targets (note 376.4% extension reached vs 200-261.8% expected).
Could be that the heart of a 3rd is underway, but my take on the indices suggests another dip down to complete minute ii of 3. The patterns don't have to match exactly of course, but my presumption would be an expanded flat, perhaps even an running flat, on XIV. My target box was hit, just a bit later than I'd projected after this summer's chop-chop. Perhaps I'll update the indices along with XIV as new ideas soon.