In addition, JNUG (see 15 minute chart below) is testing and testing the top rail of the model below. The move still has a corrective vibe but that can change in an eye blink. A move above $4.60 will be like ringing the dinner bell for the momo players to the upside. A fall below $3.65 indicates that a deeper dip is in store - waves 3,4 and 5 of the HT breakdown. But this recent move back above the top rail is important and if it can hold then it will likely signal the M+M bottom is in. I'm all in @$4.06, stops at $3.99. I'm just going to go about my day now and check what happens at the close.
Hey Captain,
ReplyDeleteHaven't commented in awhile but still following your blog regularly. I wanted to start by thanking you for the countless hours you've spent posting these past few months. Invaluable advice and insight that I for one truly appreciate. November's shaping up to be a record breaking blog post month for you.
Not following your TVIX & JNUG advice to the exact stops but have made a nice profit in both so far. In TVIX now and currently out of JNUG but hoping to add more to both soon for a longer term run.
Wanted to see if you were still following DRD or TRX. I'm still holding my DRD position but made a nice profit on TRX selling near the recent top. Both stocks are currently near 52 week lows. Are the charts signaling buy?
Hope you are well and thanks again,
~J.T. Marlin
JT,
ReplyDeleteDRD and TRX will trade perhaps not in locked step with but certainly in line with GDXJ/JNUG.
We have yet to get the breakout signal on the miners but it is coming very soon IMO. I'm really hoping for another chance to buy JNUG in the twos but it is a crap shoot as to whether it will get down there for a double bottom or not. I bought into JNUG at the close when it hit support (just draw the line between lows of the 6th, 11th and today. Stops @ 3.55. I suspect we might see $4.60 tomorrow if the 4th wave triangle model holds (top of the channel throwover).
The volatility down at current levels is pretty intense and that tells me that a bottom is very close. JNUG used to be a 6-7% mover per day. Now 18-15% swings are common.
In looking at the UUP chart, the bottom bottom for M+M could have been $2.83 JNUG but there is a count that could take UUP one wave higher to 23.50 per my recent post. Either way it should be over with a matter of days.
DRD is at the end of a 13 year bear IMO. It's ready to begin the long walk upwards to test the 2006 highs over the next year ($20). That is the level of the prior 4th.