Jnug to Gold "I think I fixed my cycles"
Jnug is still on track to continue the drop maybe tomorrow or Monday. If I were to apply a wave count to this, it appears that we are in wave 4 which may continue tomorrow. We should get a wave 5. Wave 5 for gold/Jnug should be the biggest wave move. So if today was the highest Jnug will go then a Fib measurement would bring wave 5 down to at least the $14.85 level which is equal to the wave 3. I am expecting the RSI to get oversold before this thing is finished. I am hoping to see a bullish divergence on the RSI.
Speaking about gold...Todays thrust up to a slightly higher high, makes me believe that we just had a truncated 5th wave...I think we should start the half cycle correction in gold now for the next week +. That should tank Jnug for the 5th wave.
On a side note...Miners are not really responding well to the last rally and the correction so far is quite large compared to gold. I am wondering if that is a sign that this is not going to be the breakout rally that everyone is calling for. Depending on how long and deep this correction is for Jnug..it will not have much time to climb back up before the larger gold Daily cycle is due. I am expecting a top for Jnug around the pink vertical line...The large black triangle is the approximate date for gold's Daily Cycle to bottom. Time will tell but that is my game plan for now. GL
SO I just watched a video that was released by a you tube person who rarely gives free public videos. I highly recommend that you watch it. She speaks about this latest impulsive move in gold and what she believes will come next. And I must say, I was pleasantly surprised. So go ahead and you tube search
"Elliot Wave technical analysis by Lara"
Of course we will see soon....very very soon, maybe next week...who is correct.
Looks like gold should drop at the open on Tuesday according to the GLD chart. This chart only registers gold movement for the day and not over night price action. However, we could be due for a little more of a zig zag into April before we get the start of the final drop.
Looks like Jnug may be in a little a,b,c zig zag pattern heading down again. Jnug should be finished dropping on Tuesday and we should get a larger C wave back up.