[ETF Watch] An Elliott Wave Look At TQQQ UPRO USO IBB 1.07.16

TQQQ – Worst case scenario is a full downward 3 now that we can recognize that this is NOT 5 waves down…a full downward that’s 1.618 could target as low as 78-82 now that support at 618 and 786 are gone.

UPRO – Worst case scenario is a full downward 3… 1.618 at this point after 618, W5 = 618 x W1 + W3 and 786 support have all broken is as low as 49-51.

USO – Thinking it was a 5th wave 2 months ago when it started to spike but now that it broke support the worst most armageddeon thing that can happen is 618 X w1 + W3 to as low as 3.5-4 a share..yeah, still more downside.

IBB – First level of support at 1.618 down is 300, but due to the extension and size of the market correction it my finally find support at the 280 area.

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