UYG - The Three Bears

(Click On Charts To Enlarge)

After completing the Bearish Wolfe Wave, which also resulted in a breakdown of the Bearish Rising Wedge (see blog entires from early May), UYG chased the bottom of the broken Bearish Rising Wedge, forming a THIRD bearish pattern, a Bear Flag (highlighted in Chart #2). The target of 30.54 was MADE and exceeeded, and UYG rallied yesterday off a short-term oversold condition.

Near-term resistance on the upside is the bottom of the Bear Flag, at 31.46, then the 32.02 - 32.49 gap from the Bear Flag breakdown.