Monthly time frame: The sell signal triggered by the bearish cross of the 10 mma below the 20 mma, so far, it has not ignited a new bearish cycle like the ones occurred during 2000-2002 and 2007-2009. Instead of a downward move this time it looks more likely that price is unfolding a consolidation phase. […]
Daily Time frame: TZA has a potential reversal candlestick (Hammer) If the upper descending trend line is breached we could make the case that TZA is breaking out of a falling wedge and probably the decline from the March high has concluded an EW pattern (Maybe the wave A of a Zig Zag).
Based upon the likely SP 500 scenario of a pullback I am going to increase my long position in SPXU ( I opened a long position on April 15 at 28) above 28.30 Regarding the potential target I prefer to follow the price action of SP 500, although if SPXU were able to breach R2=29.78, […]