Time To Go Long On The Ultra S&P500 ProShares?

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Time To Go Long On The Ultra S&P500 ProShares?

By David Spurr on October 6, 2008 | More Posts By David Spurr | Author's Website

It looks as though the Ultra S&P500 ProShares (SSO), 2x Long the SP500 is completing wave 3. It looks as though it’s ready to test 43 level. I then think it could be setup for a bounce to the 54 level. Per Elliot, wave 4 cannot encroach on the bottom of wave 1.

Potentially, that means that it could go as high as 60. Initial resistance is at 54. I think, depending on the time frame, that it could make it to the top of the down channel. I’m cautious, though as all fundamental news is so bearish. Perhaps that’s a reason to be bullish. Go against the flow!

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