Is the Correction Over in the TBT?

Increasingly, the action over the past two weeks looks like the end of the corrective decline from 81.52 into the 74.00 area.

The ability of the ProShares UltraShort 20+ Year Treasury (TBT) to climb and sustain above 76.60 will confirm that a meaningful corrective low has been established, which will point prices towards 8.00/25 next in what could be the initiation phase of a new upleg in the intermediate-term bull move.

Only a break of yesterday’s low at 74.84 will compromise the developing pattern.