Direxion Daily Junior Gold Miners Index Bull 2X SharesArca
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I wasn't going to post another chart until Friday but after reading my update, it seems easier to follow along with what I am saying with the updated chart as well. Ignore the Pink arrows and boxes, that's just for me to keep an eye on.
well price dipped below the major trendline today, signaling that sometime in the not too distant future it will drop below it. But in the meantime, I believe that today was the bottom and reversal day. Price is climbing in After Hours especially. So I am looking for $18.30 range for tomorrow and then $20 range for Friday. I am hoping that momentum will continue until next Tuesday to the top of the wedge for that day which should be approximately 22.40ish to $22.52, (where I will sell no later than Tuesday so my funds will be settled for the Friday Oct 7th report) before dropping back down to $20 range. (however, just like on the 12th -13th, it doesnt have to continue, and could drop a little bit). Maybe if I am lucky, price will push just past the upper trendline (maybe 22.60's) to give the same signal that todays brief push below the trendlind did. I am actually crossing my fingers that after Tuesday, Price drops down to the blue trendline again. If price drops to that trendline, I will buy Jnug at that point, and rely on the report to be negative, (good for Gold), and shoot up to the top of the broader wedge before settling for the day (7th) around $22 to $22.50 range. After that, I think the blue arrows tell the tale for Jnug price movement, hoping for price to reach $26+ by the 12th or 13th before dropping to the next price target for that Friday.
Obviously if any of my price targets change I will adjust it ahead of time. The further out we go, the less accurate they are. AS you can see, the price movements are much broader in November through March 2017. As time passes I will update the charts with my belief of price movements for that week.
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Above is the 4 hours chart....just FYI
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Wow what a swing day. So let me start off by saying, I was both wrong and right. I was wrong to say yesterday was the turnaround day, because obviously today was and on heavy volume. I was right in that its moving in the right direction. Tomorrow is GDP report and I am wondering, with this kind of dip buying today, what does big money know!? Time will tell. GL to all
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One more thing. I called $18.30 today. WE closed at $18.41. we are currently at $18.56 in after hours. So I am happy about that. I really shouldn't call prices like that.
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SO that was a flat day... The broader market is messing things up. I think tomorrow the broader market will repeat what it has been doing lately....up, down, up, down, up....So that should help Jnug move up to my price target of $20 for Friday. However, I am not holding my breath that it closes above that red resistance line. I think we touch $20 range and close below the red lie in the mid $19 range.
You were right on the target!!! Awesome!!! good Job.
VirtualFax
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My yesterday morning's buy placed just a few pennies above the trendline ended up being stopped a $100 later. From today's prospective I'm glad it did get stopped.
I don't think that even today's low is the LOW yet. At this point the TL already got compromised two days in a row. I don't think even the $15.20 support line would hold. Gold seems to mean revisiting the $1,295-1,300, only after which ( I hope) it'll start rallying again. And it'll obviously drag miners and JNUG with it. If you discover any strong support lines below $15.20 which are within JNUG's reach over the next few day (say, Monday as a target date), I suggest that's where we should be focusing our attention to catch the bottom.
Regardless of the market action, appreciate your analysis.
SalN
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Thanks. It's hard to predict. I do the best I can. But remember as long as it closes above the trend line then we are still good. And there has been a whole lot of buying today. This looks like it will close green with a huge lower wick. That is usually bullish. The volume looks like it's going to be heavy so that is also bullish. We will see