Metals are way oversold right now and I am expecting them to rally strongly on Monday. The chart below says it all. 5 waves down in a channel whereby 1 and 3 form a line that is thrown under by the 5th. That was a mighty dump today in order to reach that support line and I see it as short term capitulation. The bounce points that I expect are listed in the char: the 38.2, 50 or 61.8 fib and the level of the prior 4th.
JNUG should make some nice bank in a very short period of time on these moves. Something as clear as this does not happen very often and the bounce could be larger than expected due to the extreme oversold condition of metals. Also, look at DRD over the past few days: sky rocketing while JNUG tanked with likely a lot more to go. Metals are ready to let loose a bit here IMO.
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