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SPX analysis including short term target level 1380 and timing (early next week) remain the same.
However, UVXY may play out according to the following short term scenario instead. It still should pop quite well early next week during the negative cycle, but from a lower price.
15min Chart
2012-09-06 08:03:10
Source: http://cyclicalmarketanalysis.blogspot.com/2012/09/uvxy-different-short-term-scenario.html