Forecast news today. I didn't trigger my stop on Friday for TZA at around the $27.50 range. My model is showing a trend change or pivot point for the 14th or 15th of December. The way things are setting up right now it looks like the market wants to head higher going into the new year. Depending on what happens Monday I will trade the trend higher on a break out or maintain my position in TZA if the market goes lower

you can see the resistance that we are at with the daily chart on the Russell 2000 index and this also applies to all stock market prices (all one market

FREE stock quote

Zooming in on the Russel 2000 you can see the 5 min. chart and short term this is looking like an abc corrective pattern (not drawn in). Based on Elliott Wave Analysis the direction of the larger trend dictates impulse waves and corrective waves. This move today I would classify as a corrective wave, and everybody can interpret it differently, as far as I am concerned the the direction of the larger trend is down and that is how I am going to trade the trend.