This is a sweet entry. The largest holding is JPM. JPM is trading at $35+ right now and it was $14+ just 2 months ago. That is more than double and only $15 away from its 12 month high.
For FAZ to go down another 30%, JPM would have to run to $38+ and that would represent $1.80 on FAZ shares. Flip it upside down and have JPM go down to $32 (was there today) and FAZ goes to $8.30. If JPM goes down to $30, FAZ goes to $11.
So anything is possible here. Just give it a few one directional moves. The moves down were all one directional so I expect similar action on the way up fairly soon as this low volume rally turns into correction.