The initial thrust down in a new bear market is consolidating before a new leg down begins. The various indexes below are all close to the termination of their respective counter-trend rallies. Once the retracements are over (between 0.38 and 0.62 depending on index) look for the real spike in UVXY to take over, high 20's on up by mid-December. DJIA 180 Minute SPX 180 Minute QQQ 180 Minute UVXY 180 Minute The Fib analysis above suggests that $22.00-22.50 is a key range that once exceeded will being into focus $27+.
