P & F Chart of TBT Indicates Correction Nearing Completion

The stair-step decline in the ProShares UltraShort 20+ Year Treasury (TBT) looks complete, or very nearly complete, off of its most recent-rally peak at 80.15 on Nov 2.

If accurate, this means that we should expect a brief period of price stabilization followed by the initiation of a new upleg that will quickly climb to test and take out 80.15.

From a near-term P&F perspective, key resistance resides between 77.70 and 77.90.

A print of 77.95 is needed to trigger initial-upside acceleration.

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