NUGT successful Pennant break out.

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Pennants appear at about the halfway point of moves. To be conservative, I'm using $26 dollars as the break out from the down trend and then the previous peak high of 40.17 as the end of the move. This gives a move of $14 which is then added to $40. The measured move then becomes $54 which is the next target price.

I don't expect this to be anything at all like a straight line move as the gold             ETF's have proven to be extremely volatile but when this reaches $54, if in fact it actually does, I expect another consolidation period perhaps in the form of a pennant or bull flag .

BTW             , the charts of $XAU, $HUI, and GDX             all look the same and all broke out today.

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