UVXY might be drawing a head and shoulders. yesterday it provided a great entry into the stock rally. watching the shoulder formation for the signal to get long stocks again. tradingview.com/x/FOKpzKq9
UVXY running hot, there's no doubt, but volume is still declining, and momentum looks to be building a head & shoulders. The real question, will it decline enough for me to get out of my short position this afternoon? lol
Calmer heads prevailing today; DXY up, 10Y1! down, equity drawdown SPY, QQQ, IWM sane compared to prior two sessions. Let's see if UVXY can break down. Volume already trending in that direction, so is momentum on the 1H chart.