UVXY is demonstrating higher lows and higher highs. the current pullback is likely a bounce in SPX, but if that fades we should see new low in indices with a new daily high vix keeping UVXY trending up. if were stronger in indices overnight and tuesday we should form a lower high and roll over UVXY. upper or lower horizontals are price targets, and dashed line is pivot. bottom or top of envelope are areas to close. over all the trend in vix remains bull until we breech new lows in uvxy, setting a lower high and demonstrating bear momentum.
