FAZ ready for 3rd wave or C wave.

5 large waves down have transpired since the last big rally in FAZ.  The individual bank stocks are looking very weak.  FAZ will be a big beneficiary when they roll over.  At the very least I expect a move up to the prior 4th wave but it might go much further.  I do expect the broader indices to peak and end their 2009 bull market some time in 2014.

Below $18.40 this model is bust but I think it will be lucky to throw under to $19 again.  If you want to play it safe, wait until the top rail is broken out of before jumping in but I do expect to see gaps up occur in here so don't be shy: when it breaks out, do NOT think "the train has left the station without me".  Think instead, "after a 5 year complete ass kicking, the financial sector shorts are about to get some pay back".