of the falling wedge channel which has been in place since April 20th.
The Elliott wave count shows this thrust was just a wave 4 countertrend rally with one more 5 step downward thrust required to complete the series. I would have to review this analysis again if FAZ were to reach 5.70 but right now it looks like the rally will sputter out and fail.
After that next 5 step wave, the bear market rally should be over, but FAZ could have a 3 handle at that time.
FAZ has no resistance you idiot,, only a response to the financial markets. FAZ is a dead man with no pulse. It only rises like a puppet when the financials tank. Carts are BS anyway in this market. Tell me, what do the charts say about financials, vs what you KNOW about the condition of the financials. THEY HAVE NO TRUE EARNINGS. THERE REPORTS ARE AS HAIRY AS AN APE. THAT MY FRIEND,,,IS A MIRROR OF THE ECONOMY