SDS: Pullback Within An Incomplete Recovery Rally?

From my pattern perspective, all of the action in the ProShares UltraShort S&P500 (SDS) off of its Aug 28 high at 39.33, into yesterday's low at 38.11—and so far today, into an intraday low at 38.13-- represents a complex correction of the prior upleg from the Aug 2 low at 35.85 to the Aug 28 high at 39.33.

Key support resides at 38.10 to 38.00, which should contain the weakness.

If not, then the SDS should press towards a test of more important support at the Aug 26 low of 37.37.

In any case, my overall work argues that the Aug 2 to Aug 28 advance is the initial upleg of an incomplete, larger counter-trend advance that points to a 41.00-42.00 target zone after the current pullback runs its course.

It is with the foregoing in mind that I remain 50% long on the SDS from 48.90/95 on Aug 30, looking to add to the position either against 38.00, or into downside follow-through towards 37.37.