Chart on SRS (Mike Paulenoff)

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My overall work on the UltraShort Real Estate ProShares (NYSE: SRS) indicates that the upmove from the Jun 21 low at 24.07 to the Jul 6 high at 32.20 completed the initial upleg of a larger, intermediate-term advance. If accurate this means that from in and around the 27.50/00 area, the SRS will pivot to the upside into a new upleg that projects into the 34.50-35.00 target zone. At this juncture, only continued weakness that violates 26.00 will invalidate the timing of the anticipated next advance.

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Originally published on MPTrader.com

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