Back on $UVXY Wedgie Watch

See The Wedgie World of $UVXY…for an earlier story

Whenever a new UVXY falling wedge forms it’s time to watch and wait for the next fast and furious break to the upside.

Patience pays.

3/4/2022 — Before the open…

It appears UVXY is going to have another run up today.

At the moment, it is up 7.99% in the pre-market (as I write this) on top of the 32.9% profit it is currently holding since the buy signal on the open of 2/11 triggered by its breakout of its last falling wedge.

I don’t know when to sell this.

When to sell is always up to the individual trader but UVXY is no ETF to buy and hold, to fall in love with.

So, what are the possibilities?

It’s in a wide rising channel now (see the chart below) so a break of the bottom line of the channel would be an obvious choice.

The color-coding on the chart below denotes overbought (yellow) or oversold (blue) on the nine-bar CCI system I use to calculate those conditions on any stock or ETF in the market. A break down each time from overbought (when the price again turns green) is another choice for when to sell.

Or maybe it simply of a matter of selling into to strength.

UVXY has been up 45% during this run out of its wedge and as high as 50% intraday. Up 32% on yesterday’s close it appears it could challenge its high again today.