If you have cash, and have been sitting on the sidelines, here's a low risk opportunity. I know its hard to chart NUGT (3x) its better to track GDX . BUT, the trend line looks to be support. GDX is having a stop run below a double bottom . Im buying NUGT today watching intently for buyers to come into the market and wisk this 3x higher at the close.
Comment: GDX double bottom stop run. Look for a reversal here.
Comment: NUGT nicely moving higher. Looking for a 61.8% retrace to the box as the target. There will be pullbacks along the way to add on. May get one today. Buy the dips.
Comment: Next stop $1365 for gold XAUUSD. Resistance will be there, but we will push thru to a new high.
Comment: GDX Outlook
Comment: Looking for a 50% retrace of yesterdays gains to add to my NUGT position. BUY order in at $27.22
Comment: Adding to NUGT and JNUG on this drop. Good spot to add 50% retrace of the big move higher. 27.22
Comment: BUY the dip, NUGT and JNUG.
Comment: H&S pattern in Gold, may see a dip before a bigger run higher
Comment: H&S pattern appears to be breaking down. I will exit positions today

Trade closed manually:
Comment: Im still holding this, the H&S pattern still intact.
Trade closed: target reached: US Dollar pushing higher. Looking at the hourly chart, trend line break and higher highs. Looks like the H&S pattern is failing, and a bull flag AB=CD pattern may emerge.

Related Ideas

are you still holding NUGT long? currently the miners are pretty weak. It did not follow Gold and gold is also weak. thx
Hi bhowe!
We´ve got an high volume low on Friday. It´s still a very dangerous situation for a bullish sentiment. This Friday low is going to be retested.
bhowe Mickette1
@Mickette1, You expect a new low in NUGT? That would be a new DCL and thus a new cycle. We are only on day 2. Miners run 24-28 day cycles. I don't see it. Post a chart please.
@bhowe, GAP open 23.00-23.27, surely waiting to get filled
bhowe Mickette1
@Mickette1, Ms Mouse, there is no such gap on the underlying security GDX. Charting off of triple leverage doesn't always work out. I will watch it, thanks.

@bhowe, yes I have just looked at the GDX and I now understand your bullish take on this. On Friday there was a bullish engulfing pattern to observe on very high volume.
Great work. I think gold still needs to drop to 1304 and that would drags the GDX to 20.90ish. Either way, it is about time to turn
bhowe marjmandi
@marjmandi, GOLD already hit 1307. Should be the low
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