UVXY Support and resistance lines by curved lines

Updated
I have been following UVXY for months now and using fib lines & curved lines as support and resistance. So far, the lines have been helpful guides. Tradingview allows us to use curved lines, but it takes some practice to adjust the curved line to fit the trend. I had the light orange curved lines on my chart before the spike in January happened, and the orange curve line did form a resistance on the top of the light orange curve, then the price fell down below the orange curve. In fact I was surprised at how well the price responded to the lines of the curve as resistance.

These curve lines, used along with fibonacci lines are helpful as guidelines. Although the price may spike again to the top of the curve, these lines, just like any support and resistance lines, and not necessarily predictive. They are predictive of what might happen, but they are more useful as guidelines. Using the lines on the sides of a highway as an analogy, the lines are predictive of the area that cars are supposed to drive in, but it doesn't mean that a car cannot drive through the lines off the road. If a car crosses the line on the side of the highway, then of course it is a bad sign of where the car may end up - it could keep going off and crash.

In the case of UVXY, it will sooner or later break downward through all the support lines due to the nature of UVXY. So UVXY is not suitable as a long term investment. Even to short it is not suitable for a long term investment without a lot of risk. I am more focused on trades lasting from a few days up to a couple months max.

To me, it looks like where we are at now is an area of a lot of different support lines on this chart. Between current prices in the $8.00 range down to around $7.70 there seems to be a lot of support. Not to say that it could not fail as support, but when there are multiple support lines, typically odds should increase of the price holding on the support. If these lines of support fail, the lower blue curved line offers support in the $5.00 range. Although that is a big drop from current prices around $8.50, it is possible for it to drop that much before a large spike in price. I suspect we probably will get a spike in price off of the $7.70 - $8.00 price range though. There is the descending teal colored resistance line, if the price breaks above this line, then we may see prices go up much higher.

In the near term, my best case target (for the LONG side) for UVXY is around $46.00 Measuring fibonaccci levels between recent low of uvxy of $8.24 to previous high in 2020 of $135.00 -- $46.00 is around the .618 fib level retrace (back up -- or .382 down from the high of $135.00). You can use the fibonacci lines below that as lower targets as well though.

Just keep in mind that although the price may follow these lines quite well, it is not for certain and the lines are intended to be used as guidelines. This is not a recommendation to buy or to sell UVXY and you should do your own research before trading this.
Comment
UPDATE 4/1/2020. The other support levels for this had all failed and the price has fallen to the lower BLUE curved line - Please see the chart. There is a chance this level will hold at support. Obviously, not a guarantee, but it could be a possible entry point to buy here at the blue line. Stop loss if it clearly breaks down. Not a recommendation to buy or to sell, but just my idea. Do your own research.
Comment
Let see if the blue curved line holds. If it seems to hold, then the initial first target is around $8.22
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