QID (UltraShort Q's) Not Finished on the Upside

The ProShares UltraShort QQQQ (AMEX: QID) has climbed 16% off of its 7/19 low, but does not look complete on the upside (yet). All roads appear to point to 47.80-48.20 prior to the conclusion of the current upleg. At this juncture, only a decline that violates today's low at 45.60 will begin to compromise the projected target zone.

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