UVXY +25% Gain - Market Analysis for Jan 16th, 2015

Mike exited part of his ProShares Ultra VIX Short-Term Futures (UVXY) on Friday, taking profits on a +25% gain.
He noted in his chart mid-week that "the Oct-Jan rounded base formation is mature, with the UVXY stalled right at the Dec high in the 33.00."
Nonetheless, he added:  "Whether or not UVXY has to digest or deeply correct the gains from the most recent pivot low at 23.56 (Jan 8) remains to be seen, but it will take a decline beneath 23.56 to wreck the potentially extremely bullish chart set-up."

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