AMEX:GUSH   Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares
GUSH has been on an uptrend for 2 years and 8 months and has followed many Fibonacci sequences during that time. Will the bearish fib play out, reverse from the 0.786 zone at $210 and fulfill the -0.27 extension of $77.64? This would align perfectly with a bullish Fibonacci sequence drawn from the low in August 2021 to the high of June 2022. On the bullish fib, the retracement levels at 0.618 ($94.00) and 0.786 ($72.00) create a confluence with the bearish fib extension of -0.27 ($77.00).

Time will tell if the bearish fib chooses to play out. With one more leg lower on USOIL, sub $100 is definitely on the cards for GUSH.

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