Correction in UltraShort Yen ETF Nearly Complete

Today’s plunge in the ProShares UltraShort Yen (YCS) to a new reaction low at 59.11 -- a full 17% off the May 22 high at 70.80 -- has the right look of completed, or nearly completed, major correction of the Sept 2012-May 2013 upleg.

To trigger initial signals that the YCS has reversed to the upside, it must hurdle and sustain above 60.95.