SalN
Long

Jnug to Gold Last week of November 2016

AMEX:JNUG   DIREXION DAILY JUNIOR GOLD MINERS INDEX BULL 3X SHARES
3 months ago
4 Hour Chart

Time for a bounce yet? I think yes. But nothing too fabulous. The oscillators need to cool off because the next drop will be big. We are way oversold with a lot of bullish divergences. I think we arein the middle or our B pattern and the Fed hike should mark the beginning of the downward C. I also think that the December 4th Italy             vote cold give us a little pop but nothing like Brexit. I measured the drop for a with a purple line. (look at the chart. I copied it and then moved it to where I think our possible high for Jnug             could reach (around $11.30), and then used the purple line to measure a possible C move. And as you can see, it was quite a fit right down to where I think a bottom will reach this year or early next year.

Short and sweet this time. GL
3 months ago
Comment: Dollar Chart

snapshot


I am reposting this dollar chart to aide in what I believe is unfolding with gold. If we have finally topped for wave 3 then, as it is looking, we should retrace down to the 38% zone (marked by Fib #2) which would be the orange line or just shy of it at the major support area red line. That wave 4 correction should cease on December 14th when the Fed raises rates, which should begin our wave 5. I believe that wave 5 could equal in size wave #1 which I measured with Fib #3. I do not believe that wave 5 is going to equal wave 3. That being said, I think we can reach the 103.98 -104 range for wave 5 but not exceed 105.22 (which would be a 100% move of wave three if in fact wave 3 has ended and wave 4 ends at the 38% retracement).
3 months ago
Comment: Update to clarify the bullish divergences that I was speaking about. I am not referring to the oscillators because those are indeed bearish. I am speaking about the fact that as gold dropped this last week to 1170, the miners like Jnug held strong. And that is bullish to me.

At this point, it looks like gold is climbing nicely. Hopefully it continues into Monday.
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