TBT Nearing Downside Exhaustion

Although I am clearly "picking a low" in the ProShares UltraShort 20+ Year Treasury (TBT) this morning, let's notice that today's low at 16.26 was NOT confirmed by my 4-hour RSI momentum gauge.  For that matter, it was not confirmed by my daily RSI either, which gives an initial anecdotal sign that the price structure is "nearing downside exhaustion."

That said, to confirm that a preliminary low has been established, the TBT must hurdle and sustain above 16.95. Otherwise, the dominant downtrend will remain intact, and likely will press prices to lower lows in the vicinity of 16.15/10 next.