4 Hour Chart
Time for a bounce yet? I think yes. But nothing too fabulous. The oscillators need to cool off because the next drop will be big. We are way oversold with a lot of bullish divergences. I think we arein the middle or our B pattern and the Fed hike should mark the beginning of the downward C. I also think that the December 4th Italy vote cold...
Lower time frame harmonics have not held any of there reversal zones. So, be sure it is reversing before entering. No early entries will save your cash. Harmonics are to show you where it may retrace to after reversal and are not a crystal ball of price action.
Also, notice the two legs (second part of crab). One is where we are now/today and can retrace before...
All is on chart. 2 bats, 4 targets. But I've had fun scalps in decent range this week.
Waves show that we could go to 1180 but could also be done closer to 1210. Either way, with all of the recent sideways action, either can fire.
Looking at the events soon, rate hike, turn of year, earnings, new US president in office, can start more action.
It look like we are in a wedge inside of a developing bear flag. That being said, we could visit the upper part of that bear flag tomorrow at the $9 range before the next drop. The dollar looks like it wants to at least test the top of the break out area. So be ready for a short term pop.
Dollar Daily Chart
I wanted to start off with the Dollar chart because this week something happened. The dollar broke to new 13 year highs. And from my point of view, that changed the count for the dollar. By changing the count, I worked out as best that I could what to expect in the near term future.
First lets look at Fib #2. Fib #2 shows the 100% level...
Dollar daily chart
With the dollar making new highs today, One has to wonder if the count was wrong. If the count was wrong and we are only in wave 3, which it is starting to look like, then we could go up to 103 before correcting down to the newly made strong support. That would also make sense for an even higher wave 5 into the end of January which would...
Daily Chart
Well so Far so Good. We still have room to run, but to how high? I measured the height of this move over the last two days. Then I extended it and it reached that resistance area up around $12.27. My thought on the issue is that tomorrow will kind of give me an idea of how the next three or four days will go. Today was very promising. The...
There has been a near .62 correction in the recent rise earlier this year (see 2 hour chart) and price appears to have bounced up off a potential "resistance becomes support" line. On the 2 hour chart the recent down action also has reached the downside of the channel. The daily RSI shows a positive reversal followed by a bullish divergence which as I have...
Doing this as an extremely small engagement trade.
Will exit at the upper Bollinger Band (currently at 17.16). Should it proceed lower, I will dollar cost average in at the lower BB (which the price is currently below).
To be honest, I'm not an incredibly big fan of leveraged exchange-traded funds, particularly those subject to contango. In uninformed hands, they present opportunities for huge gains, but also huge losses. DUST and NUGT are both 3x leveraged instruments: DUST, a 3x bear; NUGT, a 3x bull. Here are a few important facts to know about these instruments:
(1) Both...
As a general rule, I don't like to hold shares in many underlyings, largely because it isn't that capital efficient as compared to making a similar play using options. With NUGT, however, I might make an exception, but, as always, like to compare and contrast.
Buying Shares
Advantages:
1. If I want to, I can go smaller and dollar cost average into a long...
Daily chart
WOW! what a drop! And with a pretty strong close. Huge sell volume. But my $6.35 buy order did not get filled yet. So I am going to wait. Look at the oscillators and compare them to the October 5 - 7th price action. Hints that we may hit that line at around $6.25. And the COT report cut off is this coming Tuesday so we could bounce and then...
