the_get_man
Long

Is this Just the Correction to Another $32 Run???

AMEX:NUGT   DIREXION DAILY GOLD MINERS BULL 3X SHARES
104 1 0
So I have been using RSI and the 20 level on triple leveraged ETFs and is has been going nicely.

Today I noticed a pattern. A double bottom on the RSI led a huge upside run that lasted for 8 months. Well that pattern has formed again. Will it lead to a bullish run I am not sure but this trade is very affordable and can triple your total initial investment if it hits target 1.

The only difference between this and the previous double bottom is that the long term bullish cross of the 10 ema and the 100 sma at all time lows was in effect. That is a powerful buy signal that this new opportunity does not have.

Not sure if this is a good trade with all the uncertainty: rate hike and Clinton wanting to put miners out of business.
Your advice is appreciated.
Nice work. I think USD getting stronger could affect Gold prices for next 2 months, imo. I don't know how that in turn will affect NUGT remains to be seen
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