JNUG update

USO is bottoming right now and I think it is holding all commodities back a little so we still have to exercise caution on JNUG over the short term.  Still I say, people should all be buying something golden, a significant rally awaits M+M if not a full on bull market.

The near term threat is that JNUG will just do a gap fill as shown and then head back down.  If that happens this whole formation could be a HT 4th wave.  However, anything above the green line breaks that notion and, given how close I think USO is to a bottom, I think the green line will not hold.  There is little technical resistance above the green line and I think a breakout above it will ring the dinner bell for momo nation.

Still, there is "think" and there is "does".  Don't let "think" (emotion) override "does" (the chart technical analysis...).  If JNUG peaks at the gap fill and then heads down there is no technical reason why it can't head all the way back down to $14 to kiss that blue line!  That is not my primary model but it does remain my alternate and it should be respected by traders.   My stops on JNUG are at $26.30.  Cut your losses short and let your profits run folks.  Use stops!  Hope is not a strategy.