Jnug to Gold Nov 10th "Now what"?
So just about every analyst was taken by surprise by this drop. We had a right translated pattern and was not suppose to drop lower. Hell, Trump won with protests in the streets and we were not supposed to drop lower. So ask yourselves, what does this smell like. To me it smells like the big money/banks are going to make this thing bleed more. But maybe not tomorrow. I think we get a small bounce tomorrow and touch the trend line at about $10.50. They will suck people in for the weekend and then kill it Monday morning. Here is what I will be watching for. VOLUME. Yep. If we go up I will be watching that volume closely like a hawk, especially at around the 12 noon to 12:30 Pacific time. If that Volume is lighter than the last several days then I am going to chance it and sell, expecting the price to continue to drop all the way past the gap fill and down to $6.25 neck line range. That, to me, would really suggest that this is going to be the H&S pattern that many have been watching for. I will also be watching for spot gold to touch the 1200 range. And the dollar appears to be putting in Wave 5 which I think may just be able to push up to the all times highs if not peek above it before correcting down.
While the Dow made all time highs today, the S&P has not yet. It touched a trend line today and bounced down. So I think a small pullback is in order and then it should push up to all time highs in a matter of days. This has obviously correlated negatively for gold and miners. So a lower Jnug price seems to fit this picture.
By the way, just for fun, my price target for spot gold by the end of January in $1120 - 1115. I will post the chart with the real long term trend line. That could bring Jnug down to a little over $3. So best of luck for all of us over the next couple weeks with this chaos. Lets make as much money as possible so we can buy into Jnug at $3 and dream of multiple %100 gains for the real bull run.
While the Dow made all time highs today, the S&P has not yet. It touched a trend line today and bounced down. So I think a small pullback is in order and then it should push up to all time highs in a matter of days. This has obviously correlated negatively for gold and miners. So a lower Jnug price seems to fit this picture.
By the way, just for fun, my price target for spot gold by the end of January in $1120 - 1115. I will post the chart with the real long term trend line. That could bring Jnug down to a little over $3. So best of luck for all of us over the next couple weeks with this chaos. Lets make as much money as possible so we can buy into Jnug at $3 and dream of multiple %100 gains for the real bull run.
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Today looks to be the day for this huge sell off. Jnug already filled the gap but GDXJ still has more to go. Which means that Jnug will fall farther. I already put in a buy order at $6.35. Crossing my fingers.