Jnug to Gold
I think that we possibly bottomed (for the short term) for Jnug on the 20th. That would be a little over 30 days to end another left translated cycle. I think we could possibly get close to retesting the $3.80 level before starting a little two week pop. Evan though this does not look like a big move on the chart, It is actually quite a bit. IF we were to move from $3.80 to $6 then obviously that's a significant percentage. However, the first big resistance is at approximately the $5.27ish range. As you can see, we gapped down through that level. So once we get there, I think it would be a good idea to look at buying to see if it is subsiding at that point, just like selling has been subsiding. I am going to wait to see how this moves on Friday and possibly buy in on Friday or the beginning of next week.
Seems that we have a perfect ABCDE wedge that has formed. There is a very high likelihood that price pushes down one last time with a quick reversal in my opinion. This is easier to do with light volume. As far as how that relates to Jnug, I am not sure. We have recently seen Jnug hold up well with a sell off in spot Gold. So maybe we only retest the $3.80 level or maybe we go a little lower. I will post another Jnug Chart in a second. But I will be most likely watching the spot Gold to guide me with a buy in for Jnug.
It appears that Jnug is in a expanding wedge. The black diagonal line happens to be a measurement of the start of the larger descending wedge. But that seems to be too great of a move for Jnug right now. However, if you were to measure the percentage difference, which is approximately 55% and add that to $3.80 then you get $5.25. And that would fit well up to the horizontal black line at $5.25. That would almost fill the gap as well. Just food for thought.