The JNUG action didn't follow the backlink model exactly but the essence is the same. But the action did put a twist in the chances of this being 3 up as opposed to C. The threat model is below. Watch for that upper parallel rail either holding or breaking out. If it holds we could still see a double bottom here as shown. But if it busts through with gusto, forget it, the bull in M+M is back with target price for JNUG being certainly greater than $50 and more likely $70 or higher (up to $200 if this is Prechter's C of B wave...)
Buy the dips, do not chase momo peaks. The dips will come! Especially BOLO 5 waves up and then 3 back because after that we can expect very, very quick moves up.
Wednesday, March 18, 2015
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