Rebound Expected in S&P UltraShort ETF

The ProShares UltraShort S&P (AMEX: SDS) plunged to a new low this morning at 50.43, but has since recovered to 50.99, just 3 cents from unchanged on the session. My pattern work argues that the SDS ended the most recent downleg from the 5/24 recovery peak at 52.71, which in and of itself is reason to expect some type of rebound. However, my pattern and oscillator work are "warning" me that perhaps a more important low has been established ahead of a larger, more intense counter-trend recovery -- that projects to the 53 area at a minimum and possibly to the 55 level thereafter.