From November 2015 HDGE roared, but in a corrective fashion as I count 7 waves for that bullish phase. This is now as good as completely retraced as I'm sure we are just dealing with pennies.
Even the present decline has many overlapping waves which are not impulse waves, but can be diagonal waves. Can HDGE go much lower? Sure, it can, but then we are looking at a potential inverse stock split if it does. If and when we get closer to $5 we could be a setup for an inverse stock split but it's not always a certainty.
There are gaps in this decline and I am confident the markets will take another hit which would send HDGE north one more time.