[JNUG] - jumped back in during the after hours trade today.

In my most recent high level model I was worried that the recent rally to the mid $27 range was either corrective (i.e. a 4th wave) or an leading diagonal (black 1 on the model).  Either way I expected lower prices so I took profits on JNUG.



While the chart has not retraced all the way back to the 38.2 fib per the model above, it has completed 5 rail bumps of a falling wedge and that is a corrective pattern in my book.  So today in the AH trade I bought a half position of JNUG for $21.80.  My stops are set to 21.55 and while I could get screwed on a gap down, JNUG has already had two gaps down during this wave.  Thus the odds of a 3rd are reduced and thus I like the odds of buying speculatively at support.  The model below suggests a nice gap at the open is possible for JNUG tomorrow (assumes it is the start of a 3rd wave up).  Time will tell.