Examining the WEEKLY time frame of IZZ ETF for educational purposes only.
Correction of late ( since May ) is still in effect. I have studied the chart further using P&F for bearish price objectives as well as conventional methods to have some sort of clue, as to how deep this correction may be. Forecasting in TA is no better than a weather forecast, in fact it may even worse be in my opinion. One can not and should not rely on targets/price objectives,just know them, that is it. They just add an extra dimension to broader TA analysis, which may or may not be useful. PRICE ACTION AS ALWAYS, FIRST and FOREMOST.
An UP trend line (dashed pink) still in effect. Price still above it’s 50 period SMA ( simple moving average ).But, there is nothing BULLISH in the short as well as medium terms( Dow Theory applied), in fact short/medium terms are BEARISH. One thing still holding is the LONG TERM TREND which is still considered BULLISH as of this writing at least. But for how long ?
As long as it keeps it’s head above the 50 period SMA on weekly closing basis, that argument of bullish long term bias is valid in my opinion.
I have marked three zones of support (shaded with Yellow, Green & Blue), where the current correction may be halted.