technicals, page-38

A simple wave theory analysis shows the continuation of downward trend. Still not over I believe but definitely nearing an end.
As Lory pointed out a concerns over VIX are not helping. My initial support levels were 1.35 which was broken. The next one I presume is 1.25 If this is broken too then we could see even a $1 as possibility but frankly speaking I dont think thats gonna happen.
I surely predict a bounceback (just like it did at 1.85 and 1.65 so shorting could be an option. But long term trends will depend on how good it bounces.