USLV breaking 12.50 by end of next week

Looking at the recent action in $USLV, currently sitting at 13.1871, I'm finding it hard to ignore the consistent pressure on the downside. While today's low was 12.78, the overall trend seems to favor a further dip rather than a sustained rebound above 13.50. The bounce from 12.78 today felt more like a technical retracement within a larger downtrend than a real shift in sentiment.

My take is that there's a fair chance, maybe 60-65%, we see $USLV trade below 12.50 by the close of next week, meaning May 24th. The rationale is largely technical – failure to hold previous support levels around 13.00-13.20 repeatedly suggests diminishing buyer interest at these levels. If we get another push down, 12.50 seems like a logical next target where some prior support was found, but it might not hold for long. I'm not seeing the catalysts for a strong move up to overcome this downward bias in the immediate term.