[UVXY] Price Trying to Escape Downchannel... Look for BREAKOUT!
I mostly expanded the uptrend and downtrend lines into proper channels.
Price today touched the bottom of the downchannel and immediately retraced back towards center channel.
This makes sense given we're unlikely to see under 19.60 and even less likely to see under 19. What can't go down must go up!
So we're just grinding down right now in this channel against those supports until we break up basically. Still shootin for a clear break up by EOW, hopefully ABOVE the upchannel!
Also we did get an extra Big Money assist last Friday (and today too) afterall to build on the Thursday assist but it has already peaked out and GEX has closed the brief DIX/GEX gap (typically more bullish for the market when diverg is strong and long lasting). I expect it to flip back to GEX/DIX later this week as an additional spike confirm, hopefully we get a GEX spike too... if so, you can put a bow on it.
Lets follow along and see what happens! B)
Price today touched the bottom of the downchannel and immediately retraced back towards center channel.
This makes sense given we're unlikely to see under 19.60 and even less likely to see under 19. What can't go down must go up!
So we're just grinding down right now in this channel against those supports until we break up basically. Still shootin for a clear break up by EOW, hopefully ABOVE the upchannel!
Also we did get an extra Big Money assist last Friday (and today too) afterall to build on the Thursday assist but it has already peaked out and GEX has closed the brief DIX/GEX gap (typically more bullish for the market when diverg is strong and long lasting). I expect it to flip back to GEX/DIX later this week as an additional spike confirm, hopefully we get a GEX spike too... if so, you can put a bow on it.
Lets follow along and see what happens! B)
Data analyst with a passion for best fit lines B)
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