Direxion Daily Gold Miners Index Bull 2XSharesArca
Description
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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
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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
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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
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Buying NUGT here this morning. Dollar finally taking a dive.
Comment
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Reverse split messed up the chart. But i did take the trade.