On Wednesday the Dow fell 550 points from its mid-session high and into the close. In addition, the intermediate term declines in the Nasdaq (QQQ) and Russell (IWM) appear to have played out there Wave 2 counter-trend retracements and have begun a strong Wave 3 down. The price patterns that have been unfolding over the past two weeks are all suggesting a multi-week to month decline in all market averages. Yesterday the PRO Service bought QQQ puts and SQQQ calls just before the DOW reversed from up to down. The Premium Service bought IWM puts near the close. Below is the hourly UVXY chart which triggered a Short-Term Buy Signal at yesterday's close. Short-Term Buy Signal: UVXY Option: Jan 21st $13C (1.40-1.50) Stop: 50% and/or an hourly close below $11.50
