As you can see from the backlink, FAZ has not changed much in price over the past month even though UVXY has been falling hard. So it seems the banks are weaker than the industrials and techs. I think that the next move for FAZ is going to be up but I am not sure of what the broader structure will be. This falling wedge into wave 2 could also be some kind of B wave of a larger 3 wave structure that I just don't see yet. Buy the first dip after the break out from the top rail of that falling wedge and then set stops just below that rail. We have a nice inclining double bottom here to play off of.
Friday, April 17, 2015
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