SSO: Wolfe Wave Breakout/Fakeout

(Click On Chart To Enlarge)

"On any selloff, support "should be" the trendline from Waves 2 and 4, then the top of this morning's Symmetrical triangle (pattern in yellow)."

After the breakout:

1. The Wave 2-4 trendline wasn't support.
2. The top of the Symmetrical Triangle wasn't support.
3. 26.26, the last low prior to the Symmetrical Triangle wasn't support.

In addition to that information, suggesting that the Wolfe Wave breakout was a fakeout, the SSO rallied to 26.78 at 3:10PM and failed right at the top of the Wolfe Wave (white arrow). They pulled the plug on it right there. The SSO tanked almost 8% from there in the final hour of trading, closing at 24.73.