M+M update

Holding a 1/3 position of JNUG overnight last night provided a nice return this AM.  But when I saw JNUG getting stopped by the down sloping  resistance line, I set stops at 3.90 and went on with my day.  Since it could not break out, it broke down and I got stopped out for a 10% profit which is just fine with me.  Going forward I think we need to wait to see how this horizontal triangle thing plays out.  Below is the GDXJ chart.  If the chart kisses the bottom rail and holds then I will buy in again with the expectation of another 9-10% profit on the final wave up and then I might just flip short into JDST for the next wave down.  I really don't like trading against what I think the bigger trend is but in this case if we get the confirmed H.T then I think it is a high probability move down into the C wave.  But after that, I cannot stress how important it will be to have JNUG exposure because after it bottoms the next move should be a 3rd wave up.