TYP 60m Wedging Into Support?

Here is a Think or Swim 60m chart of TYP Direvion Technology Bear 3x Shares (or in English - triple short tech bear ETF). First I will say these things are notoriously dangerous and will rip holes in your portfolio where money will pour not leak out if you are not careful with them. Always have a plan for each trade and always use stops.

Black diagonals are either an ugly channel or a large rising wedge.
There is a gap from 18 to 18.64 that needs to be noted.
Note the blue falling wedge.
Red horizontal support at 21.57.

At this time it looks like the blue wedge is in play, but the black formation was there first and may be the driver here. If so, look for first support at the black support diagonal near 22.22. If that goes you have to consider the blue wedge as the driver now and any move thru the red support line at 21.57 should result in a test of the lower blue support at or near the 20.20 area.

Someting I Saw In GLD - Don't Laugh

Not saying anything but other then the possibility of this playing out as if the market does turn south soon (like Monday - double tops are everywhere like at the end of last year) and a rush for safety (although this ETF is a bunch of shit and we all know an audit of the actual gold would prove massive fraud) by the stupid ass sheeple that have no clue what they are investing in could occur. The inverse head and shoulders is on a weekly chart which gives it some more weight in my book. I hate these formations, can't stand calling them either, but when they work they are a beautiful thing. Keep your eye on it just in case. Target is around 127. Just keep an eye on it. Just incase, OK? Just in case.

View the chart better here

Edward Jones Discontinues Sale of Leveraged ETFs

I don't like this one at all. Seeking Alpha - Edward Jones Discontinues Sale of Leveraged ETFs.

"Edward Jones’ decision to drop the product line comes as calls for regulation of leveraged ETFs are reaching a fever pitch. In recent months, a number of industry analysts (including Scott Burns of Morningstar) have called for increased oversight, joining individual investors frustrated by the returns generated by these funds over extended holding periods (due to compounding of returns and daily resets, leveraged ETFs can vary in magnitude and even direction from the amplified return on the underlying index if held for multiple trading sessions)."

No kidding? You mean you should not hold these over a period of several days? We'll I would have hoped after two years of trading these things a VAST majority of investors would have come to that conclusion. So I guess if you were and active trader at EJ you are out of business. That would piss me off enough to haul ass. I get compliance - lord knows we all better get it - and their efforts to protect a client, but to limit what one can and can not purchase in the equity market while using a financial professional as a guide? That is not right.

Oh, and the people from Morningstar, LMAO. They pump shit just as bad as the next guy IMO. They have sales numbers to make as well. Who can you trust these days? Want to explain why 3* funds OUTPERFORM 5* funds? Why doesn't someone address that slight shortcoming in their models. Maybe EJ should disallow sales based on M* data while they are at it? Whats next, you can only take Cramer's advice?

GL trading.