About a month ago I gave an update on UPRO (see chart below, click to enlarge). I then outlined a minor 1,2,3,4,5 count of intermediate iii of major 5 of Primary III. And honestly, despite all the market action and negativity out there this count has not been invalidated. That simple. Given that we’re in a bull market, the bulls must be given the benefit of the doubt until proven otherwise. And that otherwise is in this case a break below SPX 2040. The minor 2 low for UPRO in this case.