Well like you suggested yesterday being an ETF it may not come all the way back to the breakout pt for a test. There are also two breakout pts. One being $20 and the next one being $20.50 which was the Oct low support that broke down in Nov and couldn't re-clear it until recently. So price may hold at $20.50 with lots of price history there. Being a double bear ETF TBT will be prone to over react and likely pullback to between $20.50 and $20.00 and consolidate there just to drive traders crazy. I lose my patience with markets that do that. That is also the 20ema area that should hold as support. But a close below $20 that holds would suggest this was a false breakout as well. Technicals suggest this is a valid stage #2 breakout of a 4 month base building pattern after a bear market so I don't expect to see price back in its old channel again below $20. (not that it cares what I expect) Lower techncials suggest this isn't just a dead cat bounce as well. Only the short term shows an overbought market that is presently correcting back to the breakout 'area'.