My work has triggered preliminary signals that the correction of the Sept-Dec upleg in the ProShares UltraShort 20+ Year Treasury (TBT) ended at yesterday’s (Jan 12) low of 38.19, and that a new upleg has commenced.
Let’s notice that the 24-hour upmove from 38.19 has stalled just below 39.90, which represents the resistance line off of the Dec high, and which, if (when?) hurdled, will trigger upside potential that projects to a retest of the Dec-high zone at 41.70 – 43.00.
Only a decline that breaks 38.19 will neutralize the constructive chart set-up.
Mike Paulenoff is founder of MPTrader.com, where he provides live intraday analysis and trade alerts covering the equity, commodity, and currency markets.