UVXY LONG Entry at 1.618, 1.27, end of ABC = 3 reasons to enter

I'm not giving trading advice or recommending anyone take this trade, just posting my idea and what I plan to do. Good luck everyone!

The chart tells me we are looking for volatility to pick up with:

A) Quarter 2 results coming out mid-July with expected poor results.
B) Stimulus checks likely to be issued pointing to need.
C) Going into election uncertainty
D) COVID numbers possibly causing additional concerns/uncertainty.
E) Questions of how markets can be at, or near, all-time highs with sectors hard hit.
F) etc.

G) AND most importantly: The chart reads this!

TVIX is being delisted July 12th so I would avoid TVIX and consider UVXY

* Note the possible 3 drive (in black) reacting today