The HDGE ETF travels inversely to the indices, and does a pretty good job of it. We still have to decipher it’s wave count, which has to be done by flipping the EWP upside down. In the very long run technically, it would eventually always head down the imaginary wave counts.

When I looked at this pattern, I could see a potential triangle forming, but we need the “E” wave pattern to play out, to make this happen.  What would have to happen after the “E” wave does get hit?  The last leg down, could end up as part of another zigzag decline.

 A zigzag with a triangle inside the “B” wave, would also give us a clear warning that once the “C” wave has completed, then another higher degree must be ending or starting as well.  This would then have a good chance of going well below the $9 price level. At $5 it could be a target for an inverse stock split, so that would add a pile of excitement into the mix.  

Yes, HDGE could continue down as well, but we would just run into the same situation again at a lower price.  A little short term panic in the markets, started by the Brexit Boogeyman, could set this off.