UYG: Bearish Symmetrical Triangle

(Click On Chart To Enlarge)

From yesterday:

"...short-term, 20.52-20.53 now is validated resistance."

This morning's rally high was 20.47, so that's still resistance. Basis the 1-Minute Chart, the UYG broke below a Symmetrical Triangle at 11:07AM, at roughly 20.02, which put a target of 19.47 IN PLAY, so a retest of the morning 19.48 low. That doesn't mean we'll get there, but that's what the breakdown suggests unless/until the UYG gets above the failed retest high of 20.07, then next resistance at 20.20, the last high of the pattern at #5.

Math for the target:

20.47 - High of the pattern
19.92 - Low of the pattern

20.47 - 19.92 - 0.55 subtracted from the break at 20.02 - 0.55 = 19.47 IN PLAY.