The selling of miner ETFs seem to be slowing as Gold continues downward. It's a basic idea that selling should stop somewhat shortly and price should reverse to the next area of resistance. The gap area and 50 SMA would be obvious (to me). After that upward target area, the chart would need to be reworked. Price dropping far below buy box would break this idea. Last week I thought miners would go much lower, but this week had light selling. You have to tweek your ideas as new chart information arrives.
Trade active:
Also bullish movement above 31-32ish would break this idea.
Order cancelled:
Nugt went too bullish
Order cancelled:
Seems corrective to me, so a lower target box should work.
Trade closed: target reached:
I reached my goal on nugt. To me, it seems corrective and may correct more or not. Spot gold is weak at best now and I don't see a new trend in gold currently. This all may change as new chart action comes in. For now I'll wait.
Trade closed: target reached:
I did this chart thinking that a bottom would form. That idea didn't happen, so I feel it's corrective. The germ of the idea was correct that miners would move up, but my targets were set to a reversal rather than a correction.