TNA (3 X Bull IWM ETF)-- after the rally from Fri.'slow at 55.28 to Mon.'s high at 62.38, TNA has receded into a Coil-type pattern that exhibits lower-highs juxtaposed against higher-lows. When a Coil pattern develops at the tail end of either a pronounced uptrend or downtrend, it usually represents the digestion period prior to the final leg IN THE DIRECTION OF THE UNDERLYING TREND. If such a scenario is evolving currently, then TNA will fail to climb above yest.'s rally peak at 62.38,, and instead, roll over into a nosedive that presses into new corrective low territory beneath 55.28. Depending on how vicious the decline becomes, the selling pressure could morph into a "long liquidation event" that spikes TNA towards a target of 49 to 47.
With foregoing in mind, I will watch from the sidelines for a while longer, but would be tempted to establish a small long position above yesterday's high. Otherwise, I am expecting the pattern to resolve itself to the downside... Last is 59.52/53