Chart Analysis of Bearish Symmetrical Triangle in BWX Exchange Traded Fund

A Bearish Symmetrical Triangle has formed on the SPDR Lehman International Treasury Bond Fund ETF (BWX). 

BWX ETF Weekly – Bearish Symmetrical Triangle

A move through the bottom triangle support signals the likelihood of acceleration in price to the downside with a minimum target of $52.06, based solely on the measuring objective of the triangle. The 50% Fibonacci retracement of the larger uptrend is also in this area of possible support. 

Objective:

$58 (top of triangle) – $54.81 (approx. bottom of triangle) = $3.19

Breakdown trigger of $55.25 – $3.19 = $52.06 minimum target