The ten-minute chart of the Direxion Russell 2000 Bearish 3X ETF (NYSEARCA:TZA) below shows the immediate situation.
Chart by TeleChart
If/when the TZA breaks through the previous session high of 15.00, (and does not reverse) we will have confirmation that a down-trend is resuming in the iShares Russell 2000 ETF (NYSEARCA:IWM).
As stated in previous updates, with seemingly everything at extremes, this may be the beginning of an opportunity to capture a significant move lower in the IWM via the TZA.
Disclosure: The author is long TZA.