JNUG update

Today JNUG gapped up at the open which was fairly in line with expectations expressed in yesterday's post on M+M.  While I think today was very telling, tomorrow will be a real test since the wave action today could still be judged as a-b-c.  If that turns out to be the case then JNUG will gap down at the open tomorrow and take the black path.

But I held onto JNUG today because I think the red path will more likely be taken given all of the other things that I know to be true - especially the silver bulls being only 4%.  You cannot have that kind of trading sentiment while still having lots of short term downside.  A relief rally is called for.  If that's all I get then so be it but it should be at least back up to the 61.8% fib at $17. 

In truth, I am looking for more than that.  Why?  Because the up-down-up-down is not 1-2-3-4.  It can't be because wave 4 cannot fall into the region of wave 1.  Thus I expect this to be the 1-2-1-2-3-4-5-3-4-5.

If this is the right count then tomorrow should be a very strong move up a 3rd of 3rd.

Time will tell.