UPRO update 8/16/2015: not much has changed on the preferred count!

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 UPRO update 7132015honestly, 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.

As such we simple can’t be too bearish at this time, as we will need a break below SPX 2040/minor 2 to confirm. Instead the market is barely be 1.5% below its ATH. That is NOT bearish. Period. As such we should consider giving this (bull) market the benefit of the doubt until proven otherwise with a break down below SPX 2040/ minor 2. As such the count continues and tracks well: see chart below
UPRO update 8162015