UltraShort FTSE/Xinhua China 25 ProShare (FXP) ETF Looks Good For Friday

UltraShort FTSE/Xinhua China 25 ProShare (FXP, http://stockcharts.com/charts/gallery.html?fxp) ETF looks good for Friday, see http://finance.yahoo.com/q/ta?s=fxp&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=, note the two large bullish breakaway gaps on Monday 12-22 and Tuesday 12-23, and, note the bullish very large inverse spike that occurred shortly before session's end on Monday 12-22-08.

Also, it looks like FXP bottomed shortly before session's end today 12-24-08, note the bullish white candle with a bullish large inverse spike, see http://finance.yahoo.com/q/ta?s=fxp&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. So, I might trade FXP early on Friday 12-26-08. FXP has an upside gap at 43.39, that might get filled in the next few sessions.

FXP (UltraShort FTSE/Xinhua China 25 ProShare ETF) appears to have completed an inverse Elliott Wave 12345 down up down up down pattern at mid December 2008's cycle low at 31.31, that's also an Elliott Wave ABC down up down pattern, since early October 2008's major cycle high at 200.00, see http://stockcharts.com/charts/gallery.html?fxp.

Nothing discussed on this Blog is a recommendation, or, should be construed as investment advice.

Merry Christmas and Happy Holidays to all! Buon Natale! Ciao

.......http://www.JoeFRocks.com/