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Wednesday, March 28, 2012

TVIX - Looking for a Double Bottom

I redrew the upper line (and thus the projected lower line) of the down channel and found that the break from two days ago wasn't by much.  Today we got good green volume, albeit the finish wasn't so good.  I would feel more comfortable if we go lower, at least till the 6.40 - 6.50 area and then we'd have a more confirmed bottom should we then move above today's high at 8.29.  That's the preferred path, even though it could mean more pain on my remaining inverse ETF's.  It could also take a V bottom but that's a riskier setup in my opionion.  The MACD is encouraging but keep in mind ADX is at 40.82 so MACD should take a backseat.

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