After break down of Symmetrical Triangle for both Brent and WTI Crude Oil chart, this ultra short ETF have spike UP.
I believe oil prices will continue to trend lower due to trade war and possibility on china using iranian oil.
Expecting ultimate price target of this ETF $40.00
Thoughts for discussion.
Should be going into consolidation between 4.87 - 5.44 level.
A break above 5.44 will rebound to go higher and vice versa a break below 4.87 may result in further retracement down to 3.19 range.
Broadening Wedge Pattern
Should continue downtrend further to 3.12-4.75 price range.
Downtrend to reversal should take about 6 months, matching the time taken to form the Broadening Wedge Pattern.
Keeping in my watchlist to review a buy entry end of the year.