While we did not expect it so soon, it appears that the iShares Russell 2000 ETF (NYSEARCA:IWM) is reversing now instead of having a blow-off top.
If the price action continues from here, there may be an out-side down reversal in the IWM today.
That equates to an outside up reversal in the Direxion Russell 2000 Bearish 3X ETF (NYSEARCA:TZA).
Full analysis to follow.
We are long TZA with a stop at 20.09
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Thank you for reading.
Disclosure: I am long TZA.