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