Metals and miners update via JNUG proxy.

Looks like 4 of 1 just peaked, now breaking down.  Will probably fall hard with the markets as they crater into wave 1 down.  This should crater the already over sold M+M segment causing a short term trading opportunity of uncommon magnitude.

If we see that $6 JNUG materialize after 5 waves down, all I can say is that it is where I will be.  It would at least be a double back up to the prior 4th and perhaps more like a near triple up to the 38.2.  The DJIA will be recovering into big wave 2 at that time so here is where I'll double (or more) my pile while that first big reflex bounce occurs.  I will not hesitate to go into JNUG in size during that time.  Getting out of TVIX as the markets move up into wave 2 (likely a vee folks, you do NOT want to be in TVIX during that!!) and moving into JNUG for the ride up (should the model transpire) is a dream trade.

By the way, JNUG can also short stroke that 5th.  You will know this happened if it goes down 5 waves of any size from blue 4 and then reverses and goes higher than blue 4.  I will be watching this one very carefully because it will be a most excellent swing trade.