Rounded Bottom for UtraShort Dow Jones ETF - Mid-Day Minute for Tue January 15th 2008

Jan 15

Rounded Bottom for UtraShort Dow Jones ETF

by Mike Paulenoff, Tue January 15th, 2008

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Rounded Bottom for UtraShort Dow Jones ETF
By Mike Paulenoff, www.MPTrader.com

If ever there is a textbook creation of a rounded bottom, the multi-month ProShares UltraShort DJIA ETF (AMEX: DXD) pattern certainly would be on page one of the "bottoms" chapter. All through the summer and the fall, the DXD carved out what appears to be a massive bottom that has taken the form of an inverted head and shoulders. Let's notice that the price structure appears to be about to lift off of the neckline breakout plateau, which should trigger upside targets of 58.50 and then 62.00.

Chart

Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!

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