Nov16upro

This is a short term trade setup for UPRO on the 30 day 1 minute chart. Potential move of 6%-15%(!) based on the buy trigger area.

Best case scenario:  W1-W2-W3 down would target 59-60 at 1.618 with the VIX in the mid 20’s..that’s a great bottom reading, and a great buy level would be the low of 1.618 at 59-60..a minimum upward 4 would target as high as 62-63 or as high as 66-67 on a full .786 reversal on 1-2-3 down.

Worst case scenario: 1.618 doesn’t hold at 59-60 and you’re faced with 2.618 down to as low as 54-55..that scenario rarely happens and 2.618 frequency is 15%-20% of the time we get a 3 that full length appears.

Where I’m leaning:  Absolutely a great buy at 59-60..the reward is pretty strong at 382 and 786.