Metals and miners update.

I'm now wondering if the D wave of a triangle hasn't formed for gold.  I mentioned about it in this previous post (scroll down to bottom chart).  Gold and silver both seemed to get a little nervous to the upside when the EU announced its stimulus and negative interest rate plans.

 Here is the current model for gold.  As gold goes, so goes JNUG.

I think that I would be happier if the D wave were a bit longer but the inclining double bottom has the right slope and I like the pop after that.  It could be a 1-2-3 move.  tomorrow we will know if that little slanty structure is a 4th wave.  I will also be looking for an ending diagonal here which could mean a trip back down to the orange line for wave 2.  Tomorrow will be critical in gauging whether the e of 4 wave has begun.  I bought into JNUG today at $15.37 and set my stops at $15.40.  I won't even accept the loss of a penny on this trade.  Sure, they might stop me out for pushing it too close but that would also require them to break down this support level that has just been achieved.