Best Financial Markets Analysis Article The big picture of the ProShares UltraShort Oil & Gas ETF (AMEX: DUG) continues to act and look like the establishment of a significant base-like formation that is on the verge of propelling the price structure considerably higher. Initial resistance resides at 41.50/60, followed by the prior rally peak at 42.08 (11/05), which if (when) hurdled should trigger upside acceleration towards 49.00-50.00 for a confrontation with the Mar-Nov down trendline. If my work proves correct, then it implies that the energy complex is peaking and that a significant downside correction is imminent.

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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