After such a long ass beating, I don't expect JNUG to just suddenly turn upwards. After all, it has rallied only to collapse several times already. Thus, after wave 1 up of a rally I would expect wave 2 back down to be a vee retracement, something which I often refer to as The Owl (or in this case, reverse Owl). This has all the earmarks (no pun intended). After what I believed was a valid bottoming count, I now see 5 waves up into blue 1 and then an a-b-c into a higher low which I count as blue 2. If this is correct, tomorrow is likely going to burn hair off the assess of the M+M shorts because it should be 3 of 1 or C of some larger degree a-b-c. I will not know until after I see the waves play out but don't be surprised if JNUG doubles within 10 trading days. Metals and miners are that oversold right now.
Of course, it could just be back testing the resistance line from below somewhere within the blue circle as well. If it breaks out of that, however, a much, much larger rally could be in store. You can safely set your stops at $11.69 right now. In other words, it is very, very unlikely to be able to take you out at that level and then bounce higher after leaving you in the ditch. If it goes down there, it is likely going even lower. These are how the odds work in this stock gambling game. Tell yourself this 3 times and it will help get your mind right about this game:
there is no such thing as stock market investing; it's all gambling.
there is no such thing as stock market investing; it's all gambling.
there is no such thing as stock market investing; it's all gambling.
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