SPXU 240 minute Trend Model
Below, the Elliott Wave projections for this move:
SPXU - EW projections
There are two ways to play these leveraged ETF's. First, you can simply trade off of their charts, being LONG when prices are above the trend line and SHORT when prices are below the trend line.
Alternatively, you can base trades on the underlying unleveraged index, i.e. SPX and simply trade the SPXU based on the SPX chart:
SPX 240 minute Trend Model
Disclaimer: There are many ways to skin a cat, but it is recommend that you declaw them first.