Jnug to Gold "looks like its time to go long for a bit"

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I was too focused and zoomed in on my little wedge to see the bigger picture. I think what just happened is a larger zig zag B wave just played out. I measured the drop from the 1st part of the B wave and as you can see(purple price measurement), this latest drop is just about a perfect measurement. I think we are done now. I am expecting Jnug to start the C wave up. I am expecting Jnug to be back at $7 by Friday. We are also stretched far from the 10 and 20 DMA which never lasts very long. We are clearly in the large wedge as of today. But I did not think it would happen this way. I just did not see it. Oh well, I did not sell my Jnug today because I know it will go back up very soon. I will still make a good profit. As you can also see, I measured the A wave up (green price measurement) and we should reach the top of the blue wedge line in a couple weeks. There is also a big bullish divergence on the RSI 5 so I am holding.
Thanks for all of the charting work that you do man. It's really helped me at a few different point. Please keep it up.
Even the best occasionally miss it for whatever reason. I believe you would have been correct if these were normal circumstances.
Since Elliot wave theory is about the market psychology, it seems that the pattern was not correct since there was abnormal panic and fear in miners.

For what its worth it looks like Jnug has great buying support at 4.30 level. It should be at a bottom and I expect a decent rally.
dickinson dsankie21
@dsankie21, JNUG is in wawe 2. If gdx goes through 22,9 then really wave 3 is in proces.
what does this chart mean?
Filled that gap from December at 4.31. Hope it holds or we will have a dbl. bot. at 3.77
SalN, Gold and everything related had a drop. Any changes in your ideas?
MrRick MrRick
@MrRick, After you had your coffee
MrRick MrRick
@MrRick, That must have been a tall cup of coffee.
SalN MrRick
@MrRick, sorry I totally forgot to get back to you I still chose to hang on and not sell because I really do feel like we are at or close to a bottom for Jnug. It is difficult to hold onto this type of situation especially because I'm pretty sure gold it self is going to turn down hard very soon. That being said I'm just gonna hang on and wait for a half way decent bounce because this obviously went lower than I had thought it would so soon
+1 Antworten
what is your thought on the suspension of JNUG shares? doesnt that affect its price
NEW YORK, April 20, 2017 /PRNewswire/ -- Direxion announced today that effective Monday, April 24th, it will lift its temporary suspension of daily creation orders in the Direxion Daily Junior Gold Miners Index Bull 3X Shares leveraged exchange traded fund (JNUG).
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