Direxion Daily Junior Gold Miners Index Bull 2X SharesArca
Description
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I AM NOT IN THIS TRADE Per request, here is an update for JNUG I do think that gold and gold ETF's will turn bullish if general market turns down. Each person has their own preference for Gold ETF's (if they use them). I prefer GDX for price and pattern.
Chart Details Price broke out of blue wedge and then yellow triangle as expected. See last chart. If JNUG breaks most recent ATH around $100, this can indicate a new pattern. More analysis/data is needed at $100 to see how price reacts. Let me know if you need update later. I will help if I can. :)
Entry Options If I was already entered, I would hold and would be watching $110 for possible exit, or stall of price. Should go up to fill gaps. If I am not entered, I would look to enter long at lower gap fills or return to 10WeekMA.
About Me Thank you for liking, commenting, throwing up a chart, following, or viewing. I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts. I am transitioning to my new website moneypatterns.com and have updated my name previously jbird7839. Same guy - new name. :) Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards. Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish
Looking back, this seems rather prescient - at least the top. Nobody expected this low beyond the gap.
wubs001
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ARE YOU ANTICIPATING THE TIP OF THE YELLOW TRIANGLE AS THE NEXT BREAKOUT? GEOPOLITICAL SEEMS TO BE AFFECTING IT ALOT
MoneyPatterns
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@wubs001, Today I see similar things between JNUG and GDX. Both had a gap they are working to fill, which occurred today.
I think we test the 10WeekMA and go higher. Stop would be $63.45 or previous low.
wubs001
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thanks for the update, I enjoy following the technical analysis you have done.
MoneyPatterns
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@wubs001, Thank you for the compliment and for commenting.
Looks like your JNUG and my GDX are both going to benefit this morning :)
I think JNUG has a very good chance of gap filling the $92. That is where I would look at price taking a break/stopping.
But I think with conflict we eventually push higher with gold, JNUG, and GDX.
Hope you have a great week.
wubs001
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@MoneyPatterns, I think ive decided t get in around 68 or tip of the yellow triangle in anticipation for the breakout, seems like alot of volatility lately
MoneyPatterns
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@wubs001, I agree. I have a GDX position with small loss.
What I see is pattern would have fulfilled, then Fed liquidity comes in and these hedges take a dump. GDX, JNUG, SPXS, SQQQ.
This is not sustainable. So I take small losses (unrealized as I hold the position) until this gets back on track.
wubs001
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@MoneyPatterns, i think the pattern is still bouncing along the trend of the yellow triangle into consolidation before uptrend, what do you think
MoneyPatterns
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@wubs001, Hey buddy...sorry I haven't been on the updates here as much while I get my site going. Paid peeps got to come first.
This is on the list for this weekend. I'll get an update out for you. :)
I was busy getting hammered by DOW and BABA from this virus outbreak. Neither are really effected earnings-wise, which was the play I was making.
Gold, Silver, bitcoin, are all about to go up IMO. If you have shares, hold tight. Things about to get real.
wubs001
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@MoneyPatterns, baba is eating me up right now im in it for 100 shares from 165 but the last week has been brutal.. on the fence im probaly going to get out on mon and sit on the sidelines for a bit or swing some JNUG and roll the dice lol