NEW YORK (TheStreet) -- Though the scarce resource story of water is a compelling long-term play, the charts of these three water ETFs are not ready to bubble higher.

After an 80% advance from its 2011 lows to around $27, the PowerShares Water Resources Portfolio (PHO) - Get Invesco Water Resources ETF Report has rolled over creating a large distribution top, as seen in the chart below. Prices for PHO have moved lower in recent months. Further declines to the next support area in the $20 to $17 area seem possible as the situation remains fluid.

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The First Trust ISE Water Index Global Water ETF (FIW) - Get First Trust Water ETF Report below tells the same story as PHO -- large rounded top formation in the $32-$35 area. Prices have commenced a downtrend with the decline picking up steam in recent months. With support around $28 broken, a deeper decline to next support around $24 is likely.

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The Guggenheim S&P Global Water ETF (CGW) - Get Invesco S&P Global Water Index ETF Report also has a top pattern (chart below). Unlike the FIW and PHO, the CGW top is a better example of a double top. Notice the two rally attempts at $30. The break below the interim low of the pattern at $26 completes the top and gives us a projected downside price target of $22 ($4 is the height of the double top which is subtracted from the neckline at $26).

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Eventually the tide will turn for these water ETFs, but for now, we will wait for a better buying opportunity.