SSO: Ahead Of The Fed

(Click On Chart To Enlarge)

The targets of 30.49 and 30.98 both MADE, and we've just put in a new high on the day, at 31.32, below the remaining 31.89 still IN PLAY.

Off yesterday's 24.72 low, the SSO has enjoyed a parabolic rally of 26.2%, so far. Although The Bears could get dragged much higher on a short squeeze, basis the 5-Minute chart, this is looking like a Bearish Rising Wedge/possilbe Bearish Wolfe Wave developing. The bottom of the pattern is a validated trendline (there have been at least 3 hits to it, including the arrow). That suggests that it's important support, so keep an eye on that.