I feel this is a good play because I believe the market (AMEX:SPY & SP:SPX) to be in a correction phase of up to around 10% from its most recent weekly peak. I like the idea of AMEX:SPXS bear shares, not only because it behaves the opposite of SP:SPX, but because it's triple leveraged and you can buy for cheap!
From a technical viewpoint I see the following:
Broke above a Falling Wedge Patter (Bullish)
Then consolidated
Formed a double bottom
Cup & Handle pattern on lower timeframe
Price is coming back up on 3 consecutive green weekly candles
It's breaking out above its most recent peak to the left (watch for a retest)
All while Volume is building, showing institutional support behind the move
RSI & MACD indicators confirm the move
MACD shows a recent bullish crossover and rising histogram
RSI is trending up with more room to rise
Important: This is strictly what I feel will happen. It's "not" an entry point. Further analysis is required for a proper entry. Watch for a pullback / retest.
Disclaimer: This is strictly an opinion and in no way is financial advice. There is no such thing as a 100% for sure guaranteed thing. Market conditions can change, there could be news as a catalyst, and strategies don't always work. This idea is merely to engage with the TradingView community. Ideas & comments are always welcome! Lets keep it fun & friendly. =)