Overbought Burn Off?

The market got really overbought from the straight up two-day move after a cooler U.S. Consumer Price Index (CPI) report. I have been expecting the market to pull back or flag in order to fix that condition, and it seems we are getting that.

I am not sure how much further up it will go as I am getting clues that ProShares Ultra VIX Short-Term Futures ETF (UVXY) wants to base compared to the market rising. Let’s take a look:

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