I'm still favoring additional upside in the coming days & possibly weeks, with the usually zigs & zags along the way. With equities overbought following a divergent high on the very short-term time frames (5-15 minute charts), we may or may not see a little more weakness, quite possibly as low as a backfill of Monday's gap. T2 (downtrend line on the 60-minute chart of IWM) remains the second & final target for the TNA long trade at this time.
note: The 60-minute chart & all associated notes with this trade can be quickly referenced by clicking on the IWM or TZA symbol tag at the bottom of this post or under the Active Trades-Long category in the menu bar.
The scenarios (orange dashed arrows) on this 15-minute chart of IWM are my best-guess scenarios of where this necessary near-term overbought pullback in the small caps is likely to reverse. I'm pretty much split between a reversal at any of these 3 support levels with the upper-most support that dotted-white uptrend line where IWM has found support so far today (not labeled as S1 although effectively that would be the first support level).
On an admin note, trade updates & market commentary have been & will continue to be on the light side for the remainder of the week as I've been working feverishly with my programmer to roll out the new trading forum by this weekend. There's just a few items left which we hope to have completed soon as I will be leaving town late Friday morning for a weekend trip, returning Sunday evening. I've also noticed a few questions/comments in my inbox which I will reply to by the end of today for those questions that are not time sensitive, such as questions related to any Active Trade ideas currently listed on the site. Thank you for your patience & best of luck on your trades.