JNUG update

In my previous JNUG update I expressed a healthy amount of skepticism about the wave structure actually having turned positive for M+M yet and the result was the avoidance of a 7+% loss today.  While the JNUG chart could certainly stop declining right here in the center of the channel and then head up, today's action left me only more skeptical of that outcome.  The reason for this is that we got even more evidence of the formation of a B wave triangle.  If we see a little top rail break out tomorrow which then breaks back down below both the top and bottom rails then that is about as clear an indication as you will likely receive that another big wave down is coming for the C wave.

Again, whatever happens we are much closer to a bottom than to a top and so those who don't have time to trade the waves should be dollar cost averaging into something golden.

BTW, a breakout above blue a would suggest that the 4th wave triangle pattern was a ruse.