New Upleg for UltraShort China ETF

The UltraShort FTSE/Xinhua China 25 ProShares ETF (AMEX: FXP) appears to have established a near-term pullback low this morning at 76.06, and has pivoted into a new upleg that should continue the May-June advance towards a retest of the June high at 84.00. If 84.00 is hurdled and sustained, it just might unleash a very powerful follow-through that points considerably higher, into the 93.50 area, on the way to 100.00. At this juncture, only a failure to hold above 77.00 will begin to compromise the developing pattern, while a break below 76.00 will invalidate the work altogether.