[UVXY] Micorcosm Analysis: New Upchannel + We Got Our Breakout!
Ok guys, yesterday we had a bit of a split decision with a bullish sentiment.
Today looked like it was gonna eviscerate short positions but lo and behold UVXY and VVIX and the Volatility Ratio all bounced off their long term horizontal supports.
After Price briefly tested and even pierced the white S/R it rejected and bounced as expected and ended exactly right back into our horizontal support channel well above it. This is the first long green candle we've gotten in weeks and the first to break entirely out of the local downchannel.
Anytime today could have been a great entry, especially while it was around white as we knew it would very likely reject Price.
Next entry confirms (for a higher confidence entry) would be staying above yellow uptrend channel and a close above the blue support channel.
Today looked like it was gonna eviscerate short positions but lo and behold UVXY and VVIX and the Volatility Ratio all bounced off their long term horizontal supports.
After Price briefly tested and even pierced the white S/R it rejected and bounced as expected and ended exactly right back into our horizontal support channel well above it. This is the first long green candle we've gotten in weeks and the first to break entirely out of the local downchannel.
Anytime today could have been a great entry, especially while it was around white as we knew it would very likely reject Price.
Next entry confirms (for a higher confidence entry) would be staying above yellow uptrend channel and a close above the blue support channel.
Data analyst with a passion for best fit lines B)
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