Tuesday, April 29, 2014

Sold JNUG @ 20.12

I probably sold out early but I didn't like the potential declining double top.  This lack of ambition in the stock price in what I would have expected to be a 3rd of C up is uninspiring and since I have $1.09 of profit in hand I decided to take the money and run.  I can always jump back in if the shares break out of the new orange trend line shown below.  Keep in mind that the original top of channel trend line only had 1 real point associated with it.  The other point was not part of the B wave but rather the last thrust on the A wave.  It was better than nothing but not definitive.  I did not flip short (JDST) at this point.  I will wait for it to hit channel bottom and show support there and then go long JNUG again since I think the pattern of 1 larger degree is a bullish A-B-C retracement for JNUG/GDXJ.
 

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