Trying to get into position for a JNUG kill shot

I've been stalking JNUG for some time now, waiting for a good time to get back in.  I took a poke at it back on the 9th and was rewarded with a 40% short term win on the bet.  Fortunately, I took profits on that and then stayed away from it since.  Now I am looking to get back in soon.  In my most recent JNUG update I provided the top model below (which is why I have been on the sidelines).  The bottom model is what actually happened.  Again, this kind of accuracy is not easy to achieve but if there is any way to achieve it at all, it is via the use of Elliott waves.

Bottom line is that I think JNUG is very near some kind of significant bottom.  Now, with JNUG that can mean there is still 20%-30% down more to go.  So it's no something I enter into lightly. The way I see it, that red 3 could be just what I labeled it.  If that is the case then something like either the red or blue counts can happen.  In the case of the red count, notice how I moves red 1 from its original position in the top graph back to a higher point in the lower graph.  This was done in order to be able to draw parallel lines between 1-3 and 2-4.  But it also means that if 5 is the same length as 1 then it might terminate mid channel in a failed fifth to form an inclining double bottom.

Or it could go all the way down the blue path which would be my most hopeful but now least likely path.  So I will likely be sniffing up JNUG in the $7.75 range IFF the count looks right and then using tight stops that reflect my wave count.


Keep in mind that JDST put in a rising wedge and then a tumble and then another thrust back up to resistance.  So that was either a C wave up followed by 1 down and now 2 up OR that was 1-2-3-4 and now just waiting for 5 to finish.  Either way, it seems JDST is ready for a reversal soon and that would mean JNUG was ready to skyrocket.  If JNUG takes off as modeled, the first target would be in the $12 range and I would have to consider any further upside in light of the chart it presents at that point.  If it does go up quickly it would more than likely take the grey slope.  The red and blue lines were more to show the level than the slope.

It will be important to see whether JDST (see 120 Minute chart below) can break out of the resistance or not because it could have implications on the broader count maintained by the conventional wisdom which is that gold just finished wave 1 down and is now working on wave 2 up.  Once it finished, gold is supposed to plummet big time into 3 of 5.  But if this turns out to be an a-b-c move (corrective) instead of motive then it starts to color the discussion of whether gold is really going down to $750 as a final bottom or whether it was only a large a-b-c retracement which will now head to higher highs that $1900 gold and $50 silver.