Markets were significantly oversold today on a relative basis. What this means is if we do achieve a lower low, this will set up a significant positive divergence that could be the springboard to higher highs.
Secondly, today we have a "positive reversal." The CCIs on all timeframes were significantly oversold relative to the most recent CCI low however price is making a higher low. This means that the sell off was not strong enough to drive price lower, and bears did not get the job done.
This setup is very prone to a short squeeze. It could be last leg of this particular wave.
Still holding UPRO but today really put a damper since I bought at the close yesterday and today we had a gap down and a drive lower.
Again, still looking for a higher high.