"Cup & Handle Pattern Anyone?" How MPT +29% in UVXY Call
by Mike Paulenoff
September 4, 2020 • 12:00 AM EDT
This past Monday (Aug 31), Mike Paulenoff started alerting MPTrader members about opportunities UVXY, then trading at 21.53.
He wrote: "UVXY continues to act like the canary in the coal mine because it is holding up so well despite ES, SPX, SPY climbing to new all time highs. UVXY remains 12% above its 8/26 low at 18.76 and, more conspicuously, 50% above its 2/20/20 low at 10.65!"
Mike added, "UVXY needs to climb and sustain above 23.00 to start to gain serious bullish traction that will point to a test of critical resistance between 23.70 and 24.60."
Mike went on to post eight intraday follow-up charts throughout this past week, updating members about the progress and counter-trend upside potential developing in UVXY.
This culminated at 10 AM Thursday morning with his observation,"Cup-and-Handle pattern anyone? Key 'Handle support' resides at 22.25 to 23.00, which should contain the pullback from this AM's pre-open new recover rally high at 24.67... ahead of a new upleg to 25.90-2640, in route to 28-31."
By Thursday afternoon, UVXY rocketed out of its month-long base formation to a post-market high of 30.35, satisfying Mike's anticipated upside target, amounting to a gain of 29% from Mike's original post on Monday.
Where is UVXY headed next?
Join Mike's Live Trading Room and find out!
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
More Top Calls From Mike
On February 18, 2025, this is what I posted on MPTrader about KWEB (Chinese Internet ETF) that alerted traders to a potentially explosive setup that should keep KWEB on our radar screens going forward :My attached Daily Chart shows that KWEB is attempting to emerge from a huge, three-year rounded base-accumulation setup that projects much higher prices as the price structure climbs the "recovery wall of worry" in the aftermath of the relentless bear phase from the February 2021 ATH at 104.
On July 29, 2025, this is what we discussed about TEVA (Teva Pharma), accompanied by my then-current 4-Hour Chart, just ahead of Earnings:My attached 4-Hour Chart setup argues that TEVA is poised for upside continuation of its April-May advance (12.47 to 18.67) EITHER right from current levels in reaction to a positive Earnings Report tomorrow morning, OR into a BTD bout of weakness into the 14.85-15.55 target support window.
On the morning of August 6th, I posted the chart below after seeing Fundstrat's Tom Lee discuss his CEO position in BMNR (BitMine Immersion Technologies), and the fact that BMNR was accumulating a large cache of Ethereum (ETH) that will serve as an ETH Treasury holding similar to the Bitcoin model used by Microstrategy's Michael Saylor. At the time, BNMR had climbed from 31.85 to 33.70, which piqued my attention technically:"BNMR ... once again is putting upward pressure on the 34.
Nearly two months ago, I posted my technical setup on TMO (Thermo Fisher Scientific, Inc.) to alert MPTrader members to a potentially significant upside reversal pattern. Here is my commentary from June 3, 2025:My attached Big Picture Daily Chart shows the major bear phase from the 9/10/24 ATH at 627.88 to last week's (5/23/25) low at 390.66 (-38%). Most interestingly, all of the price action from the 4/09/25 low at 409.
Every person on the planet is now aware that early on Saturday night, June 21st, 2025, the U.S. military attacked and severely damaged (destroyed?) Iran's nuclear sites and presumably their ability to produce nuclear materials needed to create a WMD.