NUGT and the other miners should move lower a few more days, then look for a bounce off the lower trend line at around $142.
Comment:
NUGT broke below the trend line this morning. I will wait a day or two to take the trade, because the US Dollar is starting to bounce. TIming wise we are on day 19, so 2 days should be good timing.
Comment:
NUGT could be playing out to a Harmonic pattern. In which case it would reverse higher at the 88.6% retracement. If not its going to be a double bottom at $117. I don't see anymore downside being so late in the cycle.
Trade active:
Buying NUGT here this morning. Dollar finally taking a dive.
Comment:
Reverse split messed up the chart. But i did take the trade.