ETFC has made a very strong topping pattern over the last yr. Lower high w/ strong 18.50-19 base. That base was violated this wk when the finished dropping 27% to 18.4 since the most recent highs a month ago of 24.5. It has since rebounded 13% to 20.55 then closing very weak to 20.13 on a very strong tape. ETFC trades w/ the IWN although not in that , and IWM closed under its own very strong base to a topping pattern of 108. The S&P has also closed under its resistance after touching it as well. This market is both highly leveraged and highly illiquid. One could rationally project a back and fill, and that could be still . The problem w/ etfc is, if this head n shoulders breaks, it will break down to under its base. In a weak "back and fill" tape, this then projects to technically free fall to last real support at 12. ETFC reports earnings Tuesday after the bell which is a wild card but w/ SCHW , MS , and GS already reporting, the numbers should be handicapped which makes these patterns all the more attention worthy. In a more serious downdraft in the market, the higher the VIX goes, the less retail stays, therefore, a correction materially effects ETFC fundamentals as there customer base had enough w/ markets crashing the last 15yrs. STRONG SHORT!