Recent action did not bounce up high enough to be a full retracement of this wave. Notice how the down sloping blue line was broken out of but then it fell below again. A was strong enough to puncture but not strong enough to hold. B showed weakness and a fall back below the line which ended in a falling wedge for form wcB. So far at least, B was not able to create a lower low than the wave I counted as the bottom of the first wave down. Because of this I bought a full position of JNUG in the extended trade for 25.15 average cost. My stops are already set to $24.83.
Bottom line is that I'm still modeling a bounce to the $27 region per the blue model below as a back test of the up sloping blue line from below (I wish transparent overlays were easier... I know how to do them but cannot invest that much time in each chart given that I share so many of them). After that I think the trap door opens and I will be playing JDST with very well defined stops on that trade as well.
Nobody knows the future but you will, on average, win if you stick to your EW disciple.
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