By Mike Paulenoff, www.MPTrader.com
The overall pattern in the ProShares Ultralong Dow 30 ETF (AMEX: DDM) carved out off of last Thursday's low at 27.34 indicates that the initial upleg of a powerful recovery rally phase started at 27.34 and ended Friday at 34.23. All of the action since then represents a deep correction of the initial upleg. As long as today's secondary low at 28.50 contains additional, forthcoming weakness, my extreme near-term work is "warning" me to expect a pivot upside reversal that hurdles today's high at 30.81 on the way to a confrontation with the near-term Nov resistance line, now at 32.10. (1:15 pm EST, 29.33).