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DRV – 3x CRE bear ETF is failing and might go much lower eq. below 30 while now @ 44.
The languish few months rectangle BO-DOWN the 50-48 level. Therefore the potential halfway towards 80 set-up failed. Initially the BLUE Bull Flag seems promising but failed as well while end June the RED uptrend line also BO-down and tested from below. The only bullish set-up left is the LIGHT BLUE BULL FLAG. Combing such with the charted cycles DRV might go tag the lower line of the assumed Light Blue Bull Flag around date 9th of August @ 28.5-ish. Such mean that CRE (commercial RE) will go higher into that date.
Anyone holding DRV needs to be careful where I have posted before that 50 is the line in the sand. NExt potential DRV-buy around 9th August around 28.5-ish.
IMO. DYODD
That’s very consistent with the bullish action in the general markets.
Many miners showing bearish reversals today – at least the ones I follow. Likely another “c’mon in, sucker” move.
But when I can buy a call for 7 cents for a 20 cent move on a $5 stock and I have three weeks, I’m gonna bet a couple of fins.
‘consistent with the bullish action in the general markets’ …
If, as replied below, H&S completed (on DRV) … while taking the FORCE of charted CYCLES into effect then DRV might go lower in a fast manner. Such in itself suggest that CRE (and the general markets) might see a MELT-UP next 4-5 weeks into +/- 9th of August.
Would that be the ‘come back in August-effect’ only a bit earlier and after 9th-august then (crash) lower?
You can also see a (potential) LARGE H&S pattern where the right shoulder ‘just’ have been completed and such suggest DOWN DRV goes. Potentially setting a DB which equals the lower line of the charted Light Blue Bull Flag matching next cycle low.
Alternative, there is a parallel Light Blue line to set an inch or so lower; PO for DRV @ 23-ish (?) around 9th-August.