Elite Swing Trades

[SwingKing]

Right now I'm holding UVXY from just over $18. I opened the position last Friday because I see a strong indication that SPX should continue a bit lower before it either bounces or breaks support. So at the moment I'm using 2030-2007 as my support zone. No matter where we land I think we've started a rather complex pattern that will provide several 100 point moves. That's if 1999 holds, we drop below that and we could be on our way to a 300 point drop.

So to be clear I see several opportunities to flipp UVXY/TVIX off the upcoming 100 +/- point moves or we may get an opportunity to hold for a much larger gain. That is one of the main reasons I chose to play it here. If we don't get that huge drop we should still have several chances to make some decent coin playing shorter term holds.

My current target for UVXY is between $22 and $27. Of course if we follow through to the downside it'll be much higher. Even at $22 that would be a 20% gain and I'd take those all day.