TZA

TZA is another May 3rd trade idea...

TZA, looks almost exactly the same as EDZ as far as the accumulation period and the quick change in character yesterday.

 The 60 min chart shows the same accumulation strategy as EDZ

And yesterday's 10 min chart shows the same quick change in character with accumulation coming at the lows of the day as the market broke out in the late day "false breakout".

This is another worth considering. The daily chart pattern is a bit different with this one and will occur on a break out above a descending trendline between $36.50-$36.75.

Please keep in mind that these ETFs can be a good way to get quick exposure to a broad based sector without the need for individual stock picking, but they should not solely represent your portfolio. As I've stated before,  prefer to have a mix of ETF's and real equity positions, especially short equity positions as there are some advantages the equity shorts have that ETFs do not. There's also the issue of one day performance in ETF's and the danger compounding can represent in a choppy market.