So we bottomed at $11.37. I was thinking somewhere between the $11.50 - $11.30 range. So that worked out well. But it appears to me that we only completed wave three down and still have to do wave 4 and 5. So wave 4 should top a little over the $14 dollar mark before dropping to a much lower low...(too early to call but maybe in the mid $8 range).
JNUG is trading in a triangle, pointed perfectly to the all time low, of February 2016. Last time that happened...
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.
Attached are two charts for discussion. GDX seems to have formed a 3 drive pattern which would put its target at 0.618% fibo retracement. So, not there yet, but soon. The USD seems to be in a BULL FLAG, completion should be soon. So, short GDX now seems the way to go, but not for long.
Here is the 1 hour chart for Jnug. We are in the 5th wave down.....but we are only in the mini 3rd wave of this 5th wave. I wouldn't be surprised if Jnug hits below the $11.50 range. GL
So it appears that gold is finally rolling over. Jnug is already responding. On this 4 hour (and you can check the smaller time frames) it appears that this 1st wave down is complete. You can count 5 small waves down. Don't be surprised if we get a large 61.8% to 78% Fib Pop tomorrow for wave 2. Then I would absolutely be in JDST. It is hard to pick a bottom...
FX_IDC:XAUUSD has been on a run so far this year. With the dollar nearing a bottom and the overall bullishness of the market, gold should see a pullback to $1,300 next week depending on market reaction to possible government shutdown
Dollar is still trying to find a bottom. Could move up a bit to about $92.50 before moving back down where it is likely to find a bottom around $90.10. Recent surge in gold is likely to see a correction at this time, especially if Cryptos continue to recover. Either way, dollar is likely to see a big rebound soon.
Looking at EW and symmetrical length legs, I see gold rallying above 2017 highs and getting back to upper 14xx's, even low 15xx. Invalidate if we go below 1300 again.
Here is an idea for NAK Long. Buy at the double bottom at $1.63. Put in a limit order for $1.64 and see if the 0.618% FiBo and double bottom hold. IF NOT, low risk, sell at $1.60. Miners have been selling down the last week and should be almost ready to turn higher.
Bought HL here with a break above the previous highs. CDE looks the same.
A Little while back I was using cycles to help me with great accuracy, determine when to get in and out of both Jnug and JDST. Then it appeared to have gotton a little wishy washy. Well I think I got it back. If I am correct, we should continue to drop(not in a straight line) in Jnug until around the 18th or 19th. Coincidently the 19th is the day, congress...
JNUG may be in a weekly downtrend, but there is a promising bullish buying opportunity today. We saw the daily 100 EMA act as resistance in October, but in late December,JNUG breached both the 50 EMA and the 100 EMA without a significant pullback. It printed a bearish tweezer top last week, leading to a failed re-test of the 100 EMA in after hours trading last...
RSI is hovering aroudn the Resistance levels, break out coming soon!
It appears that a new gold cycle started a couple weeks early this year. With the slight higher high from the consolidation, that is what appears to have happened. I am still expecting a zig zag pattern so we should start to consolidate next week back down to the multiple moving averages before pushing up to finish the E wave. RSI 10 is very overbought and...