The Russell 2000 is currently in a down-channel as can be seen on the daily chart of the iShares Russell 2000 ETF (NYSEARCA:IWM).
Chart by TeleChart
As long as the upper line of this channel remains intact, the short position via the Direxion Russell 2000 Bearish 3X ETF (NYSEARCA:TZA) can be maintained.
If this channel remains in-effect on a go-forward basis, we can expect new lows for the year in the Small Cap index by the end of the month or early next.
Disclosure: The author is long TZA.