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Rounded Bottom for UtraShort Dow Jones ETF


Rounded Bottom for UtraShort Dow Jones ETF
By Mike Paulenoff, www.MPTrader.com

If ever there is a textbook creation of a rounded bottom, the multi-month ProShares UltraShort DJIA ETF (AMEX: DXD) pattern certainly would be on page one of the "bottoms" chapter. All through the summer and the fall, the DXD carved out what appears to be a massive bottom that has taken the form of an inverted head and shoulders. Let's notice that the price structure appears to be about to lift off of the neckline breakout plateau, which should trigger upside targets of 58.50 and then 62.00.

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