[GG] update

In the backlink I provided the model below as potential justification of how the current chart of GG might now be bearish.  But this required us to rely on a failed fifth for black 5 and I think those are rare.  Still, the model suggested that a pullback should come one wave lower to kiss the 50 fib so I have been watching for it.



Well, exactly that happened as you can see below.  A perfect spike down to kiss the 50 fib.  Is this a coincidence?  Yeah, I don't believe in them.  So the one other bullish count could be the old stutter step:

1-2-1-2-3-4-5-4-5

Because of this we need to be on the watch big time for a monster M+M break out since this would be a 3rd of 3rd taking off.  Under the scenario, it could also pull back to the 61.8 fib but I find that to be a rare case for the stutter step move.  In fact, it usually doesn't even pull back to the 50 fib in these cases - the stutter step is generally a way to extend the 3rd wave to move very quickly per unit time.

Because of this new development I am holding a 1/2 position of JNUG until this resolves itself.  If we get a lower low here then I will throw in the towel and stay on the sidelines until I get some other plausible EW entry point.  But 3rds of 3rd have this habit of gapping up in order to leave the station quickly so that only the brave will follow. 

This is an important juncture in the wave count for M+M.