If you are playing JNUG then hopefully you saw the double top on Friday. That was not a buy signal folks! That was your short term call to get to the sidelines. If you missed the initial fantastic run up then just be patient 1-2 days to see if we get the pullback I model below. GLD still has a LOT further to travel before the E of 4 is complete so I expect a lot more upside in JNUG. But nothing goes straight up or straight down and I now count 5 waves up and so I expect at least a 38.2 fib retracement of the entire run. Even more likely with such a leveraged play is a move back to the 50% fib which corresponds to the level of the prior 4th wave. If you see this massive smack down, don't fear it. A vee retracement is expected in the 2nd wave. Everyone will jump in when it creates a higher high.
If we do not get this big pull back but instead take the blue path then the momo players will buy into it. If you do as well, simply set a stop just below black 4. Sorry for the big range there but that's the game when you are shooting to make 100% in a few days. It is clearly high stakes gambling but I think that because GLD is just at the start of a E of 4 wave uptrend that the wind is at your back on this on.
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