The ProShares UltraShort QQQQ (AMEX: QID) has climbed 16% off of its 7/19 low, but does not look complete on the upside (yet). All roads appear to point to 77.80-78.20 prior to the conclusion of the current upleg. At this juncture, only a decline that violates today's low at 45.60 will begin to compromise the projected target zone.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of Exchange Traded Funds (ETFs) that track equity indices, metals, energy commodities, currencies, Treasuries, and other markets. It is for traders with a 3-30 day time horizon, who use the service for guidance on both specific trades as well as general market direction

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