In the ASA backlink I provided a model which appears to be playing out nicely. Here is the model I provided in that post. Notice the red oblong which I mentioned would be the first confirmation of the breakout. To summarize, 5 waves up that break out the top rail which also break out the 38.2% fib was good evidence that wave 3 is likely upon us.
Here is the current snapshot of just WC2. For now I would be patient and wait for the 38.2 fib (or even the level of the prior 4th) but if it now moves to a higher high then 3 of 1 is upon us. Also if this small pullback is all that it is going to do into wave 2 then it is a sign that investors have pent up desire to buy such that they can't even wait for a pullback to the 38.2. This kind of thing often results in very rapid moves up as we saw back in January on this chart.
If ASA is going up a little, JNUG is likely going to come unhinged to the upside.
Thursday, February 26, 2015
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