Caught the turn on JDST while waiting for TVIX to settle out.

The model from yesterday's metals and miners update expected a direction change in JNUG/JDST this AM and so I bought into the JDST strength at the open.  Coincidentally, this article appeared which implies that China will not be aggressive gold buyers into the 2nd half of the year.  I guess it is just coincidental that it came out right when the chart suggested that a reversal was near.

That twin peak top happened right where one would expect the throw over to reverse.  I suspect that metals and miners will be under pressure well into Q3.  The slope of my model above is too steep.  It should be something more like the a-b wave.  We should expect to see 5 good sized waves down from here that result in a lower low than the B wave.  Absolute levels are not as indicative as wave structure.