BATS:TZA DIREXION DAILY SMALL CAP BEAR 3X SHARES
About to test the bottom of the descending wedge/broadening descending wedge. Usually on a third touch of a broadening wedge things reverse. I believe that we will Break out of this downward sloping wedge, and tag the 1.618 extension. Which happens to be at the top of this channel. If for some unbelievable reason we fall through the floor on the IWM I put some reversal points on the chart.
From a momentum basis I believe the TZA bottomed out last friday. Price action show that there is a very high probability that it will reverse Monday or Tuesday at the latest. I am biased as i took a heavy position last Friday on the early morning gap down. I plan to double my position Monday. Alwin