VIX, UCO update April 10

VIX: the weekly line chart (closing basis) shows VIX found support right at the top of the white S/R box, as well as right at the green and blue ascending trend line. The vertical lines show how the market performed after VIX found support at the green trend line. Bulls want/need VIX below these two ascending trend lines. Bears need it to be above (and even higher). Going forward, these two trend lines will be key.



UCO: It’s all about oil these days. So where’s UCO add? We can see how it retraced over 61.8% of the prior 5 wave advance. However, it is unclear at this stage if those 5 waves were part of a larger expanded flat, or part of a of (green) 4. Break above the red S/R line and then above white 1/a targets $13-$14.